Buy AU Small Finance Bank, target price Rs 1340: Edelweiss

Buy AU Small Finance Bank, target price Rs 1340:  Edelweiss

Edelweiss has buy call on with a target price of Rs 1340. The current market price of Au Small Finance Bank is Rs 1248.5.

AU Small Finance Bank Ltd., incorporated in the year 1996, is a banking company (having a market cap of Rs 38200.64 Crore).

For the quarter ended 31-12-2020, the company reported a Standalone Total Income of Rs 1924.53 Crore, up 28.46 % from last quarter Total Income of Rs 1498.15 Crore and up 51.20 % from last year same quarter Total Income of Rs 1272.83 Crore. The bank reported net profit after tax of Rs 479.02 Crore in latest quarter.

Investment Rationale
AU Bank formed a higher swing bottom at Rs 1,150 and inched higher. Current move has ensured that the immediate swing high is breached and the stock could head higher. A move above Rs 1,250 will trigger a fresh move on the upside.

Promoter/FII Holdings
Promoters held 29 per cent stake in the company as of Dec 30, 2020, while FIIs held 37.1 per cent, DIIs 11.6 per cent and public and others 19.3 per cent.

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