Goldman starts coverage of ING Vysya with `buy`

Goldman starts coverage of ING Vysya with 'buy'

Last Updated: Tue, Sep 10, 2013 09:27 hrs
ING Vysya Bank

Goldman Sachs started coverage of ING Vysya Bank with a "buy" rating and a price target of 640 rupees, saying the lender has improved its profitability over the past five years and is on course to deliver a 16 bps improvement in return-on-assets in fiscal years 2013-2016.

Goldman says ING Vysya "is on a firm footing in the current tough macro environment" due to an estimated Tier I ratio of about 14.2 percent, coverage ratio of 89 percent, and a diversified loan book.

Shares of ING Vysya were up 2.46 percent at 502.10 rupees.

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