May 10, 2018 / 4:01 AM / 2 months ago

BUZZ-India's Federal Bank falls most in 2-1/2 years on Q4 profit slip

** Shares of Federal Bank Ltd drop as much as 10.8 pct to 90.25 rupees, post their biggest intraday pct fall since Oct 2015

** Stock is top pct loser on Nifty Bank index

** Co reported a March-quarter net profit of 1.45 bln rupees ($21.53 million) after market hours on Wednesday, well short of analysts’ estimates of 2.87 bln rupees, according to Eikon data

** Deutsche Bank cuts co’s TP to 120 rupees from 130 rupees, retains “buy” rating

** Overall Q4 results were weak and disappointing, but asset quality pain is now behind and steady growth should result in steady NIMs and profitability - Deutsche Bank

** Of 28 brokerages covering stock, 24 have a “buy” rating or higher, two “hold” and two on “sell”; median price target at 130 rupees ($1 = 67.3450 Indian rupees)

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