watched as the covid provision (0.37% of book) seems inadequate. Furthermore the management expects 30% - 40% of restructured book may likely slip in coming quarters. However, major chunk of restructured book is secured. GNPA is at 3.50% v/s 3.41% in the previous quarter. Gold loan growth (54% YoY) and robust other income growth (40% QoQ) are positive take ways from this quarter. We believe, the growth will come back post capital infusion. Nevertheless, the movement of restructured book will be key monitor-able. Factoring capital raise, stable quarter and inexpensive valuation (P/BV: 1x), we maintain our positive outlook on Federal Bank. Capital infusion to propel growth: The board of Federal Bank has approved the capital raising...