​Bandhan Bank shares gain after Rs 212 crore bulk deal; brokerages see up to Rs 150 gain per scrip

Bandhan Bank Share Price: Shares of Bandhan Bank Ltd, NSE: BANDHANBNK, edged higher on Friday, December 2, on the back of a bulk deal. According to NSE data, investment firm Plutus Wealth Management bought 90 lakh scrips of the private lender for an average price of Rs 235.65 per share, amounting Rs 212.08 crore.

The stock opened at Rs 236.85 and hit day's high of Rs 243 as it gained nearly 3 per cent. At 2:30 PM, the counter quoted Rs 240.40.

Brokerage firm CLSA has recommended a 'buy' rating on Bandhan Bank with a target price of Rs 300. It noted that the company is expected to increase exposure to states beyond West Bengal and Assam within microfinance institutions (MFIs). The bank lacked management talent or depth to scale businesses beyond MFIs.

CLSA added that it was encouraging to see new senior persons being hired from the top private sector. In the near term, normalisation in MFI will be key.

Meanwhile, Zee Business panellist and technical analyst Simi Bhaumik advised staying away from the counter. She said that existing shareholders should Hold with a stop loss of Rs 215.

Fresh buying in Bandhan Bank is suggested only if it holds Rs 241, she said.

Domestic brokerage firm ICICI Securities in a report said that the bank has set expectations of another Rs 15 billion in credit cost for H2FY23 and normalisation thereafter. Overall, the bank is looking at 20-25 per cent asset growth and steady-state credit cost of 180bps. It said that incremental growth drivers would be individual lending, mortgages, retail assets and commercial banking.

ICICI Securities has maintained Buy rating with a price target of Rs 365.

The private lender's stock has delivered a negative return of 5 per cent in 2022 so far. At the current level, the company has a market cap of Rs 38.64 thousand crores. The stock's 52-week range is Rs 349.55 - Rs 209.55.

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