Dena Bank Result Updated

7/31/2019 Dena Bank Result Updated

1/10

Please refer to important disclosures at the end of this report 1

Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)NII 598 541 10.6 471 27.0Pre-prov. profit 476 393 20.9 343 38.6

PAT 255 187 36.5 157 62.3Source: Company, Angel Research

Dena Bank registered strong 62.3% yoy growth in its net profit to `255cr for

4QFY2012, despite significantly higher provisioning expenses, on account of

higher growth in operating income and tax write back of `70cr.We recommend Buy on the stock.Business growth strong; Asset quality moderate: On a yoy basis, advances anddeposits growth for the bank was above system-average at 26.5% and 20.2%,

respectively. Loan growth was primarily driven by growth in MSME and retail

portfolio, which increased by 22.2% and 18.7% yoy, respectively. Due to strong

34.2% yoy growth in current deposits, CASA deposits grew by healthy 16.9% yoy,

but growth was below overall deposits growth at 20.2% yoy, which led to a 96bp

yoy (44bp qoq) decline in CASA ratio to 34.5%. Yield on advances for the bank

declined by 23bp qoq to 12.0% in 4QFY2012, while cost of deposits increased

sequentially by 34bp, leading to a sequential decline of 12bp in reported NIM to

3.2%. Non-interest income grew by 5.9% yoy to `191cr, mostly due to strong

34.9% growth in fee income. The bank reported moderate asset quality. Gross

NPA ratio improved to 1.67% in 4QFY2012 from 1.85% in 3QFY2012, while netNPA ratio improved to 1.01% from 1.10% in 3QFY2012. Provision coverage ratio

(including technical write-offs), though dipped sequentially by 103bp, remained at

healthy levels of 75.5%. Slippages (`244cr) increased on a sequential basis, with

annualized slippage ratio coming at 2.2% in 4QFY2012 compared to 1.5% in

3QFY2012. The bank restructured advances worth `1,600cr during the quarter,

which majorly included SEBs. The banks outstanding restructured book stood at

`3,410cr (6.0% of loan book). Management has guided for no major advances

(except for `200cr loan of state discom) to be in the restructuring pipeline.

Outlook and valuation: Dena Bank structurally has a strong CASA franchise (at~35% levels), aiding better NIMs than peers. We were cautious on the banks

asset quality; however, so far, the banks asset quality has held up reasonably

well compared to peers. Hence, we maintain our Buy rating on the stock with atarget price of `111.Key financials

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014ENII 1,763 2,101 2,541 2,868% chg 60.3 19.1 20.9 12.9

Net profit 612 803 817 913% chg 19.6 31.3 1.7 11.8

NIM (%) 2.8 2.7 2.8 2.8

EPS (`) 18.3 22.9 23.3 26.1P/E (x) 4.6 3.7 3.6 3.2P/ABV (x) 0.8 0.7 0.6 0.5

RoA (%) 1.0 1.0 0.9 0.9

RoE (%) 20.9 20.8 17.6 17.0

Source: Company, Angel Research

BUYCMP `85Target Price `111

Investment Period 12 months

Stock Info

Sector Banking

Market Cap (` cr) 2,967

Beta 1.2

52 Week High / Low 104/48

Avg. Daily Volume 553,705

Face Value (`) 10

BSE Sensex 16,293

Nifty 4,929

Reuters Code DENA.BO

Bloomberg Code DBNK@IN

Shareholding Pattern (%)

Promoters 55.2

MF / Banks / Indian Fls 11.5

FII / NRIs / OCBs 12.1

Indian Public / Others 21.2

Abs. (%) 3m 1yr 3yr

Sensex (8.2) (12.3) 39.5

Dena Bank (5.4) (12.3) 120.1

Vaibhav Agrawal022 3935 7800 Ext: 6808

[email protected]

Varun Varma022 3935 7800 Ext: 6847

[email protected]

Sourabh Taparia022 3935 7800 Ext: 6872

[email protected]

Dena BankPerformance Highlights

4QFY2012 Result Update | Banking

May 11, 2012


2/10

Dena Bank | 4QFY2012 Result Update

May 11, 2012 2

Exhibit 1:4QFY2012 performanceParticulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Interest earned 1,956 1,676 16.7 1,407 39.0- on Advances / Bills 1,465 1,293 13.4 1,085 35.0- on investments 427 375 13.9 314 36.1

- on balance with RBI & others 13 9 52.5 5 182.2

- on others 51 - NA 4 1,138.5

Interest Expended 1,358 1,135 19.6 936 45.0Net Interest Income 598 541 10.6 471 27.0Other income 210 134 57.1 181 16.4Other income excl. treasury 191 124 54.2 180 5.9

- Fee Income 160 109 47.0 118 34.9

- Treasury Income 19 10 93.5 0 6,803.6

- Recov. from written off a/cs 31 15 104.8 62 (49.4)

Operating income 809 675 19.8 652 24.1Operating expenses 333 282 18.2 309 7.9- Employee expenses 213 171 24.7 200 6.4

- Other Opex 120 111 8.2 109 10.8

Pre-provision Profit 476 393 20.9 343 38.6Provisions & Contingencies 291 124 134.1 124 135.1- Provisions for NPAs 106 69 55.2 121 (12.1)

- Provisions for Investments 36 21 74.1 19 91.2

- Other Provisions 149 35 322.7 (16) (1,040.0)

PBT 184 269 (31.4) 219 (15.9)Provision for Tax (70) 82 (185.7) 62 (213.0)PAT 255 187 36.5 157 62.3Effective Tax Rate (%) (38.2) 30.6 (6873)bp 28.4 (6658)bp


Exhibit 2:4QFY2012 Actual vs. Angel estimatesParticulars (` cr) Actual Estimates % chgNet interest income 598 565 5.9

Non-interest income 210 173 21.7

Operating income 809 738 9.6Operating expenses 333 306 9.0

Pre-prov. profit 476 432 10.1

Provisions & cont. 291 93 211.7

PBT 184 339 (45.6)

Prov. for taxes (70) 130 (154.1)

PAT 255 209 22.2Source: Company, Angel Research


3/10


May 11, 2012 3

Exhibit 3:4QFY2012 performance analysisParticulars 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Balance sheetAdvances (`cr) 56,693 47,928 18.3 44,828 26.5Deposits (`cr) 77,167 68,339 12.9 64,210 20.2

Credit-to-Deposit Ratio (%) 73.5 70.1 334bp 69.8 365bp

Current deposits (`cr) 7,273 5,554 30.9 5,418 34.2

Savings deposits (`cr) 19,317 18,293 5.6 17,324 11.5

CASA deposits (` cr) 26,590 23,848 11.5 22,742 16.9

CASA ratio (%) 34.5 34.9 (44)bp 35.4 (96)bp

CAR (%) 11.5 11.6 (7)bp 13.4 (190)bp

Tier 1 CAR (%) 8.9 8.5 32bp 9.8 (91)bp

Profitability Ratios (%)Cost of deposits 7.4 7.1 34bp 6.0 139bp

Yield on advances 12.0 12.2 (23)bp 10.5 141bp

Reported NIM 3.2 3.3 (12)bp 3.1 12bp

Cost-to-income ratio 41.2 41.8 (56)bp 47.4 (616)bp

Asset qualityGross NPAs (` cr) 957 885 8.0 842 13.6

Gross NPAs (%) 1.7 1.9 (18)bp 1.9 (19)bp

Net NPAs (`cr) 572 524 9.1 549 4.1

Net NPAs (%) 1.0 1.1 (9)bp 1.2 (21)bp

Provision Coverage Ratio (%) 75.5 76.6 (103)bp 74.6 91bp

Slippage ratio (%) 2.2 1.5 63bp 3.0 (87)bp

Loan loss prov. to avg. assets (%) 0.5 0.4 15bp 0.7 (18)bp


Strong business growth

On a yoy basis, advances and deposits growth for the bank was above system-

average at 26.5% and 20.2%, respectively. Loan growth was primarily driven by

growth in MSME and retail portfolio, which increased by 22.2% and 18.7% yoy,

respectively. Due to strong 34.2% yoy growth in current deposits, CASA deposits

grew by healthy 16.9% yoy, but growth was below overall deposits growth at

20.2% yoy, which led to a 96bp yoy (44bp qoq) decline in CASA ratio to 34.5%.

Yield on advances declined by 23bp qoq to 12.0% in 4QFY2012, while cost of

deposits increased sequentially by 34bp, leading to a sequential decline of 12bp in

reported NIM to 3.2%.

We have factored in loan growth of 16.0% and 14.0% for FY2013 and FY2013,

respectively. Also, we expect calculated margins for the bank to sustain at 2.8% for

FY2013.


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May 11, 2012 4

Exhibit 4:Business grew at a strong pace in 4QFY2012


Exhibit 5:CASA ratio declines sequentially by 44bp


Exhibit 6:Yield on advances dip by 23bp...


Exhibit 7:...leading to a 12bp qoq NIM contraction


Fee income drives non-interest income in 4QFY2012

During 4QFY2012, non-interest income grew by 5.9% yoy to `191cr, mostly due

to strong performance in fee income, which grew by 34.9% yoy to `160cr.

Recoveries from written-off accounts halved to `31cr in 4QFY2012 as against

`62cr in 4QFY2011, while treasury income registered a strong performance on a

yoy basis.

Operating expenses increased by 7.9% yoy

For 4QFY2012, the banks operating expenses increased on a yoy basis by 7.9%,

on the back of a 10.8% yoy increase in other opex and a 6.4% yoy increase in staff

expenses. The banks branch addition picked up in 4QFY2012 with opening of 35

branches during the quarter, out of the total addition of 51 during FY2012. The

cost-to-income ratio further improved to 41.2% in 4QFY2012 from 41.8% in

3QFY2012. Operating expenses to average assets increased to 1.6% from 1.5% in

the previous quarter.

26.4

13.2

18.0

15.7

26.5

25.1

18.6

20.1

13.0

20.2

69.8

67.866.5

70.1

73.5

62.0

64.0

66.0

68.0

70.0

72.0

74.0

-

10.0

20.0

30.0

4QFY11 1QFY12 2QFY12 3QFY12 4QFY12

Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS)

35.4

35.2

35.6

34.9

34.5

23.2

16.9

9.311.4

16.9

-

5.0

10.0

15.0

20.0

25.0

33.5

34.0

34.5

35.0

35.5

36.0


CASA ratio CASA yoy growth (%, RHS)

10.54

11.32

11.9612.18

11.95

9.60

10.00

10.40

10.80

11.20

11.60

12.00

12.40


3.09

2.90

3.223.33

3.21

2.30

2.60

2.90

3.20

3.50


(%)


5/10


May 11, 2012 5

Asset quality moderate

Dena Bank reported moderate asset quality. Gross NPA ratio as of 4QFY2012

improved to 1.67% in 4QFY2012 from 1.85% in 3QFY2012, while net NPA ratio

improved to 1.01% in 4QFY2012 from 1.10% in 3QFY2012. Provision coverage

ratio (including technical write-offs), though dipped sequentially by 103bp,

remained at healthy levels of 75.5%. However, slippages (`244cr) for the bank

increased on a sequential basis, with annualized slippage ratio coming at 2.2% in

4QFY2012 compared to 1.5% in 3QFY2012.

During the quarter, the bank restructured advances worth `1,600cr, which majorly

included SEBs. The banks outstanding restructured book as of 4QFY2012 stands

at `3,410cr (6.0% of loan book). Slippages out of restructured book has been at

minimal `40cr in FY2012 (`80cr till date). Management has guided for no major

advances (except for `200cr loan of state discom) to be in the restructuring

pipeline.

Exhibit 8:Slippage ratio at 2.2% for 4QFY2012


Exhibit 9:NPA ratios improve, PCR remain comfortable


Exhibit 10:Cost-to-income ratio continues improvement


Exhibit 11:Branch addition picks up in 4QFY2012


3.0

1.3

1.4

1.5

2.2

0.7

0.1

0.4

0.4

0.5

-

0.2

0.4

0.6

0.8

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5


Slippages (%) Credit cost (%, RHS)

1.9

1.9

1.9

1.9

1.7

1.2

1.1

1.2

1.1

1.0

74.6

77.977.1

76.675.5

70.0

72.0

74.0

76.0

78.0

80.0

-

0.5

1.0

1.5

2.0

2.5


Gross NPAs (%) Net NPAs (%) PCR (%, RHS)

47.4

46.1

44.0

41.8

41.2

1.8

1.51.6

1.5

1.6

1.3

1.4

1.5

1.6

1.7

1.8

1.9

38.0

40.0

42.0

44.0

46.0

48.0


Cost-to-income ratio (%) Opex to average assets (%, RHS)

1,2

91

1,2

97

1,2

98

1,3

07

1,3

42

496

507

520

535543

470

480

490

500

510

520

530

540

550

1,200

1,230

1,260

1,290

1,320

1,350


Branches ATMs (RHS)


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May 11, 2012 6

Investment arguments

Structurally strong CASA

Dena Bank has maintained its CASA ratio at healthy ~35% levels on account of

having higher concentration of its branches in rural and semi-urban areas (mainly

in Gujarat and Maharashtra). In the past two years, the bank has maintained a

CASA market share of 1.1%, despite competition from private banks. This

structural advantage is reflected in the bank's cost of deposits at 7.1% in FY2012,

which is one of the lowest amongst peers.

Outlook and valuation

Dena Bank has a structurally strong CASA franchise (at ~35% levels), aiding better

NIMs than peers. We were cautious on the banks asset quality; however, so far,

the banks asset quality has held up reasonably well compared to peers. Hence,we maintain our Buy rating on the stock with a target price of `111.

Exhibit 12:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2013 FY2014 FY2013 FY2014Credit growth 16.5 14.0 16.0 14.0

Deposit growth 14.0 14.0 14.0 14.0

CASA ratio 34.8 34.4 33.4 33.1

NIMs 3.0 2.9 2.8 2.8

Other income growth 5.7 7.5 4.4 7.5Growth in staff expenses 15.0 15.0 16.0 16.0

Growth in other expenses 15.0 15.0 16.0 16.0

Slippages 1.9 1.9 1.8 1.7

Coverage ratio 76.0 75.0 75.5 75.0

Source: Angel Research

Exhibit 13:Change in estimatesParticulars (` cr) FY2013 FY2014Earlier

estimatesRevised

estimates Var. (%)Earlier

estimatesRevised

estimates Var. (%)NII 2,427 2,541 4.7 2,747 2,868 4.4

Non-interest income 576 608 5.5 619 654 5.6

Operating income 3,003 3,149 4.8 3,366 3,522 4.6Operating expenses 1,296 1,339 3.3 1,491 1,554 4.2

Pre-prov. profit 1,707 1,809 6.0 1,875 1,968 5.0Provisions & cont. 504 600 19.1 549 617 12.3

PBT 1,203 1,209 0.5 1,326 1,351 1.9

Prov. for taxes 390 392 0.5 430 438 1.9

PAT 812 817 0.5 896 913 1.9Source: Angel Research


7/10


May 11, 2012 7

Exhibit 14:P/ABV band


Exhibit 15:Recommendation summaryCompany Reco. CMP(`) Tgt.price (`) Upside(%) FY2014EP/ABV (x) FY2014ETgt. P/ABV (x) FY2014EP/E (x) FY12-14EEPS CAGR (%) FY2014ERoA (%) FY2014ERoE (%)AxisBk Buy 1,001 1,587 58.5 1.4 2.2 7.2 16.4 1.5 20.3

FedBk Neutral 415 - - 1.0 - 7.3 13.0 1.3 14.5

HDFCBk Accumulate 511 567 10.9 2.9 3.3 14.4 27.0 1.7 22.1

ICICIBk* Buy 813 1,201 47.8 1.3 1.9 10.0 20.4 1.5 16.0

SIB Neutral 22 - - 1.0 - 5.8 4.5 0.8 17.5

YesBk Buy 329 470 42.6 1.7 2.4 7.9 22.5 1.4 23.3

AllBk Accumulate 148 166 12.3 0.6 0.7 3.5 6.2 0.9 17.6

AndhBk Neutral 105 - - 0.6 - 4.1 3.3 0.9 16.0

BOB Buy 649 925 42.6 0.7 1.1 4.3 11.1 1.1 18.2

BOI Buy 353 411 16.3 0.7 1.0 4.5 23.3 0.8 16.9

BOM Accumulate 48 55 14.4 0.6 0.7 3.7 45.3 0.7 17.2

CanBk Buy 419 522 24.6 0.7 0.9 4.5 11.8 0.9 16.4

CentBk Neutral 78 - - 0.7 - 3.8 100.1 0.5 14.4

CorpBk Buy 405 504 24.4 0.5 0.7 3.6 5.3 0.8 16.5

DenaBk Buy 85 111 30.7 0.5 0.7 3.2 6.6 0.9 17.0IDBI# Buy 92 117 27.0 0.6 0.7 3.8 22.7 0.9 14.8

IndBk Buy 180 218 21.6 0.6 0.8 3.7 5.4 1.2 18.2

IOB Buy 82 96 18.0 0.5 0.6 3.8 28.3 0.6 13.9

J&KBk Neutral 846 - - 0.7 - 4.3 8.8 1.4 18.6

OBC Buy 219 274 25.1 0.5 0.6 3.4 27.7 0.8 14.3

PNB Buy 746 1,066 43.0 0.7 1.1 4.3 10.3 1.0 18.1

SBI* Buy 1,852 2,511 35.6 1.2 1.6 6.9 23.6 1.0 19.1

SynBk Buy 91 131 43.9 0.5 0.7 3.0 17.3 0.8 17.1

UcoBk Neutral 68 - - 0.7 - 3.8 13.0 0.6 15.4

UnionBk Buy 206 276 34.3 0.7 0.9 4.1 24.8 0.8 17.5

UtdBk Buy 58 78 33.6 0.4 0.6 2.6 22.5 0.7 16.5VijBk Neutral 53 - - 0.6 - 4.3 13.5 0.5 13.7

Source: Company, Angel Research; Note: *Target multiples=SOTP Target Price/ABV (including subsidiaries); #Without adjusting for SASF

0

50

100

150

200

250

Mar-03

Sep-0

3

Mar-04

Sep-0

4

Mar-05

Sep-0

5

Mar-06

Sep-0

6

Mar-07

Sep-0

7

Mar-08

Sep-0

8

Mar-09

Sep-0

9

Mar-10

Sep-1

0

Mar-11

Sep-1

1

Mar-12

Sep-1

2

Mar-13

Price (`) 0.3x 0.6x 0.9x 1.2x 1.5x


8/10


May 11, 2012 8

Income statement

Y/E March (` cr) FY08 FY09 FY10 FY11 FY12 FY13E FY14ENII 859 1,064 1,100 1,763 2,101 2,541 2,868- YoY Growth (%) 0.4 23.9 3.3 60.3 19.1 20.9 12.9Other Income 478 430 589 534 582 608 654- YoY Growth (%) 13.2 (10.0) 36.9 (9.3) 9.1 4.4 7.5

Operating Income 1,337 1,495 1,689 2,297 2,683 3,149 3,522- YoY Growth (%) 4.6 11.8 13.0 36.0 16.8 17.4 11.8

Operating Expenses 650 768 848 1,073 1,155 1,339 1,554- YoY Growth (%) 6.4 18.1 10.4 26.6 7.6 16.0 16.0

Pre - Provision Profit 686 726 841 1,224 1,528 1,809 1,968- YoY Growth (%) 3.1 5.8 15.7 45.6 24.9 18.4 8.8

Prov. & Cont. 369 185 154 326 562 600 617- YoY Growth (%) (14.8) (49.9) (16.8) 111.7 72.7 6.8 2.7

Profit Before Tax 318 541 687 898 966 1,209 1,351- YoY Growth (%) 36.3 70.5 26.8 30.8 7.6 25.1 11.8

Prov. for Taxation (42) 119 176 287 163 392 438- as a % of PBT (13.3) 21.9 25.6 31.9 16.9 32.4 32.4

PAT 360 423 511 612 803 817 913- YoY Growth (%) 78.5 17.5 21.0 19.6 31.3 1.7 11.8

Balance Sheet

Y/E March (` cr) FY08 FY09 FY10 FY11 FY12 FY13E FY14EShare Capital 287 287 287 333 350 350 350Reserve & Surplus 1,514 1,884 2,315 3,323 4,127 4,822 5,592

Deposits 33,943 43,051 51,344 64,210 77,167 87,970 100,286

Growth (%) 22.6 26.8 19.3 25.1 20.2 14.0 14.0

Borrowings 395 52 46 176 217 247 282

Tier 2 Capital 1,066 1,391 1,516 1,516 3,664 4,251 4,846

Other Liab. & Prov. 1,437 1,796 2,079 1,281 1,863 2,152 2,471

Total Liabilities 38,642 48,461 57,587 70,838 87,388 99,792 113,827Cash balances 3,533 4,982 4,355 4,721 5,195 3,519 4,011

Bank balances 505 875 759 687 356 407 464

Investments 10,283 12,473 15,694 18,769 23,028 27,700 31,656

Advances 23,024 28,878 35,462 44,828 56,693 65,763 74,970

Growth (%) 25.8 25.4 22.8 26.4 26.5 16.0 14.0

Fixed Assets 412 405 407 404 407 450 498

Other Assets 885 847 908 1,429 1,710 1,953 2,227

Total Assets 38,642 48,461 57,587 70,838 87,388 99,792 113,827Growth (%) 22.9 25.4 18.8 23.0 23.4 14.2 14.1


9/10


May 11, 2012 9

Ratio Analysis

Y/E March FY08 FY09 FY10 FY11 FY12 FY13E FY14EProfitability ratios (%)NIMs 2.5 2.5 2.1 2.8 2.7 2.8 2.8Cost to Income Ratio 48.7 51.4 50.2 46.7 43.0 42.5 44.1

RoA 1.0 1.0 1.0 1.0 1.0 0.9 0.9

RoE 25.6 24.0 23.5 20.9 20.8 17.6 17.0

B/S ratios (%)CASA Ratio 39.2 34.8 36.0 35.5 34.5 33.4 33.1

Credit/Deposit Ratio 67.8 67.1 69.1 69.8 73.5 74.8 74.8

CAR 11.1 12.1 12.8 13.4 17.6 17.9 18.1

- Tier I 6.8 6.8 8.2 9.8 9.7 9.9 9.9

Asset Quality (%)Gross NPAs 2.4 2.1 1.8 1.9 1.7 2.6 3.4

Net NPAs 0.9 1.1 1.2 1.2 1.0 1.1 1.3

Slippages 2.2 2.9 2.2 2.1 1.6 1.8 1.7

Loan Loss Prov./Avg. Assets 0.8 0.5 0.2 0.4 0.3 0.6 0.5

Provision Coverage 60.7 48.3 78.6 74.5 75.5 75.5 75.0

Per Share Data (`)EPS 12.5 14.7 17.8 18.3 22.9 23.3 26.1

ABVPS 51.8 62.2 83.4 103.4 122.3 142.1 164.1

DPS 1.0 1.2 2.0 2.2 3.0 3.0 3.5

Valuation RatiosPER (x) 6.8 5.8 4.8 4.6 3.7 3.6 3.2

P/ABVPS (x) 1.6 1.4 1.0 0.8 0.7 0.6 0.5

Dividend Yield 1.2 1.4 2.4 2.6 3.5 3.5 4.1

DuPont Analysis (%)NII 2.5 2.4 2.1 2.7 2.7 2.7 2.7

(-) Prov. Exp. 1.1 0.4 0.3 0.5 0.7 0.6 0.6

Adj. NII 1.4 2.0 1.8 2.2 1.9 2.1 2.1

Treasury 0.3 0.1 0.3 0.0 0.0 0.0 0.0

Int. Sens. Inc. 1.7 2.1 2.1 2.3 2.0 2.1 2.1

Other Inc. 1.1 0.9 0.8 0.8 0.7 0.6 0.6

Op. Inc. 2.8 3.0 2.9 3.1 2.7 2.7 2.7

Opex 1.9 1.8 1.6 1.7 1.5 1.4 1.5PBT 0.9 1.2 1.3 1.4 1.2 1.3 1.3

Taxes (0.1) 0.3 0.3 0.4 0.2 0.4 0.4

RoA 1.0 1.0 1.0 1.0 1.0 0.9 0.9Leverage (x) 25.0 24.8 24.4 21.9 20.4 20.2 19.9

RoE 25.6 24.0 23.5 20.9 20.8 17.6 17.0


10/10


May 11, 2012 10

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking orother advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in

the past.

Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in

connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Dena Bank

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

Documents

Dena Bank Result Updated