408.70
1.81%
buy
Buy: M&MFIN
ICICI Securities Limited
Strong business momentum led by rural cash flow, high NIM For MMFS, AUM has grown at 23% CAGR with volatile spells in FY09-18. AUM grew at 32% CAGR in 09-14, slowed down in FY15-17 to 10% and then revived to 16% in FY16-18 to | 55,100 crore. We expect AUM to grow at 20% CAGR in FY19-21E to | 94,996 crore. Robust infrastructure spends and recent farmer friendly schemes are expected to support rural cash flows. Current NIM at ~8% is expected to remain stable over the next two years as it has already moderated from highs of 9.2% in the past....
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Mahindra & Mahindra .. has an average target of 536.20 from 6 brokers.
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