Motilal Oswal - MOSL: Morning India (28/February/20): 1. IndusInd Bank (RBI approves appointment of new MD CEO); 2. Ajanta Pharma; 3. Siemens; 4. Mahindra CIE; 5. Automobiles; 6. Covid

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MOSL: Morning India (28/February/20): 1. IndusInd Bank (RBI approves appointment of new MD & CEO); 2. Ajanta Pharma; 3. Siemens; 4. Mahindra CIE; 5. Automobiles; 6. Covid

MOrning India (28/February/20):

Today’s top research idea
IndusInd Bank: RBI approves appointment of new MD & CEO

** RBI has approved the appointment of Mr. Sumant Kathpalia as MD & CEO of the bank for a period of three years, effective 24th Mar'20, after Mr. Sobti's term ends on 23rd Mar'20.

** IndusInd Bank's (IIB) stock price has corrected steeply over the recent period owing to concerns about its asset quality, CEO succession and adverse macro developments (SC ruling on telecom AGR). RBI approval thus addresses one of the major overhang on the stock performance prompting us to assess the investment case as IIB navigates through residual asset quality challenges.

** We turn constructive on the stock given undemanding valuations & maintain Buy with a PT of INR1,500 (2.3x Sep'21E ABV).

Piping hot news
IndusInd Bank names Sumant Kathpalia as CEO
Based in New Delhi at present, Kathpalia used to head the consumer loans vertical at ABN Amro Bank, and had joined with Sobti and others who had joined Indusind Bank in 2008.

28/02/2020 1 EN

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MOSL: Morning India (28/February/20): 1. IndusInd Bank (RBI approves appointment of new MD & CEO); 2. Ajanta Pharma; 3. Siemens; 4. Mahindra CIE; 5. Automobiles; 6. Covid

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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