Punjab National Bank (PNB) has received target price upgrades from Kotak Institutional Equities and J.P. Morgan, while Federal Bank and Crompton Greaves Consumer Electricals continue to attract positive brokerage calls following their September-quarter earnings.
Kotak maintained its 'Add' rating on PNB and raised its target price to Rs 130 from Rs 125. J.P. Morgan retained its 'Overweight' rating and increased its target to Rs 134 from Rs 129.
Both brokerages cited improving profitability, healthy loan growth and favourable margin trends as key positives for the public-sector lender.
PNB Gets Two Target Price Upgrades
PNB reported a 12.8% year-on-year rise in standalone net profit to Rs 5,532 crore in Q2 FY27. Net interest income increased 10.8% to Rs 11,601 crore, while net interest margin improved to 2.58% from 2.50% in the previous quarter.
Kotak highlighted stronger lending yields and lower funding costs. J.P. Morgan pointed to healthy advances growth across international, SME and retail segments, along with a higher share of retail, agriculture and MSME loans.
Asset quality remained comfortable, with gross NPAs at 2.55% and net NPAs at 0.25%. However, the sequential rise in fresh slippages remains a factor to monitor.
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Federal Bank Retains Kotak's Positive Rating
Kotak maintained its 'Add' rating on Federal Bank with a target price of Rs 375. The lender delivered a record quarterly net profit of Rs 1,386 crore, up 45.1% year-on-year. Net interest income climbed 26.4% to Rs 3,153 crore, while net interest margin expanded to 3.32%.
The brokerage highlighted healthy retail and business banking traction, stable asset quality and the potential benefits of lower funding costs. Fee income and treasury gains also supported earnings.
Crompton Greaves Stays on Kotak's Buy List
Kotak maintained its 'Buy' rating on Crompton Greaves Consumer Electricals and set a revised target price of Rs 350. The company reported a 65% jump in consolidated net profit to Rs 124.39 crore, while revenue rose 18.2% to Rs 2,263 crore.
Strong demand across fans, pumps, lighting and Butterfly appliances supported growth. EBITDA increased 24.1% to Rs 205 crore, with margins benefiting from price hikes, cost efficiencies and operating leverage. Exports and market-share gains provided additional support.
The brokerage calls highlight improving earnings momentum across the three companies, with PNB receiving the clearest vote of confidence through two separate target price increases.
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Orai is a city and a municipal board in Jalaun district in the Indian state of Uttar Pradesh. It is the district headquarters for Jalaun District.
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