New Delhi: ICICI Direct Research has initiated Buy rating on NTPC, M&M Financial and Union Bank of India. The brokerage has suggested the Buy price and Stop Loss for the mentioned stocks. Sharing the target price, it said that the stocks are projected to touch the target levels in three months.
M&M Financial share price target
ICICI Direct gave a Buy rating on Mahindra & Mahindra Financial Services Limited. The brokerage estimated the stock to reach the target price of Rs 376 in three months. It stated that shareholders should maintain the Stop Loss at Rs 305.
Announcing the unaudited financial results for the quarter ended June 30, 2024 (Q1FY25), M&M Financial stated that it continued to witness steady growth in Business Assets now standing at Rs 1,06,339 crore, reflecting a 23% YoY growth. Disbursements were at Rs 12,741 crore, a moderate growth of 5% YoY.
| Q1FY25 Results (₹. Crore) | Q1 FY25 | Q1 FY24 | YoY % | Q4 FY24 | QoQ% |
| Total Income (TI) | 3760 | 3125 | 20.00% | 3706 | 1.00% |
| Net Interest Income (NII) | 1932 | 1675 | 15.00% | 1971 | -2.00% |
| NII Margin (as % of Avg. Total Assets) | 6.60% | 6.80% | 7.10% | ||
| Pre-Provisioning Operating Profit (PPOP) | 1135 | 1000 | 13.00% | 1173 | -3.00% |
| Credit Costs | 448 | 526 | -15.00% | 341 | 31.00% |
| Credit Costs (as % of Avg. Total Assets) | 1.50% | 2.10% | 1.20% | ||
| Profit After Tax | 513 | 353 | 45.00% | 619 | -17.00% |
| ROA (as % of Avg. Total Assets) | 1.80% | 1.40% | 2.20% | ||
| Disbursements | 12741 | 12165 | 5.00% | 15292 | -17.00% |
| Gross Loan Book (Closing) | 106339 | 86732 | 23.00% | 102597 | 4.00% |
NTPC share price target
The brokerage advocated for NTPC shares to rise in the next three months. Initiating a Buy call on the PSU stock, it said the stock can be purchased in the range of Rs 42-430 with a target price of Rs 485. It advised the shareholders to maintain the Stop Loss at Rs 394.
- In its Q1 2024-25 Results, the PSU power generation major registered a jump in its net profit to Rs 4,511 crore, up 11 percent year-on-year.
- The company’s consolidated revenue increased 13.5 percent to Rs 44,419.2 crore.
- Total income rose to Rs 48,981.68 crore as compared to Rs 43,390.02 crore in the first quarter of 2023-24.
- Consolidated power generation surged to 114 billion units (BUs) in Q1 FY25 from 104 billion units in Q1 FY24.
It may be noted that NTPC Green Energy IPO, expected to raise Rs 10,000 crore, is likely to be opened in November.
Union Bank of India share price target
ICICI Direct recommended buying shares of Union Bank of India with a three months perspective. The brokerage recommended buying the banking stock at Rs 120-124 per equity share target with a target price of Rs 140. It advised the investors to safeguard the counter by positioning the Stop loss at Rs 114.
Union Bank of India Q1 2024-25 Results
Union Bank of India in its Q1 Results for 2024-25 stated that its Net Profit rose by 13.68 per cent on YoY basis. The net interest income of bank increased by 6.47 per cent on YoY basis during Q1FY25.
The lender mentioned that its Domestic deposits surged by 8.52% YoY.
In its financial results, the bank mentioned its Gross NPA (%) reduced by 280 bps on YoY basis to 4.54 per cent and Net NPA (%) decreased by 68 bps on YoY basis to 0.90 per cent as on June 30, 2204.
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