Stock watch: ING Vysya Bank

ING Vysya Bank may be a good scrip to keep an eye on. The stock in the last one week has appreciated nearly 10 per cent and in Tuesday's subdued market ended 4.57 per cent higher at Rs 160. The stock had hit an new 52-week high of Rs 162 in intra-day trades on Tuesday.

The stock is being recommended by a few larger domestic broking firms. A research head with a domestic broking firm which had given a buy call on the bank said, "The stock has a potential upside even from current levels as it has cleaned up and written off all the non performing assets from the balance sheet. The operational gains will now directly be reflected in the profit and loss account. Also, first quarter performance has been quite impressive," he added.

The market buzz is that the bank is likely to declare handsome dividend this year. The counter has been witnessing strong buying interest in the recent trading sessions, a broker said.

The parent company (ING group of the Netherlands) has approximately 30 per cent holdings in the bank. More than 70 per cent of stake in the bank is in the hands of the promoters.

The book value, financial position and future prospects looks good, says a senior equity dealer with a domestic broking firm.