Key Points
Sandip Sabharwal, asksandipsabharwal.com, says it is a mixed bag for HDFC Bank and not a big thing to be excited about except for the technical factor of the FII flows coming into the merged entity because of the leeway that it has created and that as we have seen has created a buzz in many stocks including Kotak Bank...
Sabharwal further says, as far as ICICI Bank results are concerned, everything went well; NIMs were good, net interest margin was good, fee income pickup was good, the asset quality was extraordinarily good..
My guess is that the stock will continue to do well and now the question is what valuations we give..
But the CRR, SLR requirements at a time when NIMs will come under pressure due to whatever commentary we heard from ICICI Bank, reflects that first the loans get repriced and the deposits get repriced and to that extent there will be a hit on margin and on top of that, PSL requirements will come in...
Its valuations are not as expensive as most of the recent IPOs but it is a pure domestic pharma company and to that extent, at a valuation of around 32-33 times, it is not really cheap..
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