Goldman Sachs started coverage of ING Vysya Bank with a "buy" rating and a price target of Rs 640. The investment bank said the lender has improved its profitability over the past five years and is on course to deliver a 16 basis point improvement in return-on-assets in fiscal years 2013-2016.
Goldman said ING Vysya "is on a firm footing in the current tough macro environment" due to an estimated Tier I ratio of about 14.2 per cent, coverage ratio of 89 per cent, and a diversified loan book.
Shares of ING Vysya were up 2.46 per cent at Rs 502.10.
Copyright Thomson Reuters 2013
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