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Kotak cuts forecasts for SKS Microfinance, lifts rating

Kotak cuts forecasts for SKS Microfinance, lifts rating
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First Published: Fri, Nov 19 2010. 09 48 AM IST
Updated: Fri, Nov 19 2010. 09 48 AM IST
Mumbai: Kotak Securities has lowered its earnings forecasts for India’s SKS Microfinance for the next three financial years by 27, 28, and 23% respectively but upgraded its rating on the stock to buy, as the company has been beset by regulatory uncertainty.
Shares in SKS Microfinance fell as much as 20% on Thursday after it said a clampdown on business practices by lenders to the poor in the Indian state of Andhra Pradesh threatened to squeeze profits and revenue.
In its note dated Thursday, Kotak set a target price of Rs 950 for the stock. SKS shares were up 6.2% at Rs 680.50 early on Friday.
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First Published: Fri, Nov 19 2010. 09 48 AM IST