the stock with a target price of Rs145 (Rs 115 earlier), valuing it at 2.0x P/ABV FY20. has offset softer growth of 10% in gold loan segment. Loan growth in MFI/Housing/CV is stupendous at 58%/38%/78% respectively. Gold holdings have grown by 5% YoY to 68 tonne and loan per gram is steady at Rs1,920. Non-gold is 33% currently and management targets it to be 50% of overall AUM. Dip on NIMs: NIMs have dropped by ~56bps sequentially to 15.7%. Drop in NIMs is largely attributable to 90bps drop in calculated yield on advances. Improvement in asset quality: Overall GNPA has eased by 20bps sequentially to...