Edelweiss: 'Buy' Syndicate Bank

Edelweiss, in a Q1FY07 results update, has maintained its "Buy" rating on Syndicate Bank

In a report released on July 27, the brokerage said: "We are revising our EPS estimates for FY07 to INR 13.4 (2% upwards) to account for higher loan growth, lower margins, and higher provisions. We maintain our FY08E EPS estimate at INR 16.4. The stock currently trades at 1.03x FY07E book and 0.86x FY08E book. Syndicate bank is our top pick and we reiterate 'BUY'.

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