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Thursday, January 18, 2001
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India's
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Merrill Lynch cuts HDFC Bank EPS estimates
Mumbai, Jan 17: Merrill Lynch has lowered its earnings per share (EPS) estimate for HDFC Bank, citing accelerated depreciation and higher operating costs. However, it retained its buy recommendation on the bank which reported last Friday that its net profit in the October-December quarter rose 91 per cent from a year earlier to Rs 537.2 million ($11.6 million). In a research report dated January 16, the brokerage said the earnings downgrade was prompted by the bank's decision to adopt a straight line depreciation policy for its computers with effect from October 20. (Reuters) Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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Copyright 2001: Indian Express Newspaper(Bombay) Ltd. All rights reserved throughout the
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