Goldman starts coverage of ING Vysya with 'buy'

Reuters Market Eye - Goldman Sachs started coverage of ING Vysya Bank (VYSA.NS) with a "buy" rating and a price target of 640 rupees, saying the lender has improved its profitability over the past five years and is on course to deliver a 16 bps improvement in return-on-assets in fiscal years 2013-2016.

Goldman says ING Vysya "is on a firm footing in the current tough macro environment" due to an estimated Tier I ratio of about 14.2 percent, coverage ratio of 89 percent, and a diversified loan book.

Shares of ING Vysya were up 2.46 percent at 502.10 rupees.

(Reporting by Indulal PM)

Published Date: Sep 11, 2013 05:30 AM | Updated Date: Sep 11, 2013 05:30 AM