We had extended ING Vysya Bank (IVB) target price to Rs535 on October 22 after the initial target of Rs460 was achieved. In today’s trading, the stock surpassed the extended target in the ending trades thus realizing the expected return of 15% from the extension date. Therefore, on cumulative basis, the stock has delivered a return of 40% since our initiation report dated September 17. Considering improving market sentiment, high demand for quality mid-sized private banks and IVB’s robust earnings profile, we advise investors to remain invested in the stock with a revised price target of Rs600.
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