IndusInd Bank hits new high on heavy volumes
Analysts at Religare Institutional Research maintain a BUY rating on stock with a price target of Rs 525
IndusInd Bank has surged 6% to Rs 484, also its record high on back of heavy volumes the Bombay Stock Exchange (BSE).
The stock had opened at Rs 461 and hit a low of Rs 449 in intra-day trade. A combined 3.42 million shares have changed hands on the counter till 1357 hours against an average around 3 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, the stock of private sector bank has rallied 15% in past six trading sessions after reporting a healthy 38% year-on-year jump in net profit at Rs 307 crore for March quarter driven by a healthy rise in its core income. The BSE benchmark Sensex has gained 3%, while banking index Bankex up 5% during the same period.
Analysts at Religare Institutional Research maintain a BUY on stock with a price target of Rs 525. They expect the bank’s EPS (earnings per share) to grow by 26% CAGR over FY13-FY15, driven by strong advances growth and stable asset quality. Liability profile will also improve with branch addition and focus on customer acquisitions, they note.
The stock had opened at Rs 461 and hit a low of Rs 449 in intra-day trade. A combined 3.42 million shares have changed hands on the counter till 1357 hours against an average around 3 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, the stock of private sector bank has rallied 15% in past six trading sessions after reporting a healthy 38% year-on-year jump in net profit at Rs 307 crore for March quarter driven by a healthy rise in its core income. The BSE benchmark Sensex has gained 3%, while banking index Bankex up 5% during the same period.
Analysts at Religare Institutional Research maintain a BUY on stock with a price target of Rs 525. They expect the bank’s EPS (earnings per share) to grow by 26% CAGR over FY13-FY15, driven by strong advances growth and stable asset quality. Liability profile will also improve with branch addition and focus on customer acquisitions, they note.