 "IndusInd Bank hits record high")
Shares of IndusInd Bank were trading higher by 1.5% at Rs 968, extending their 2% gain in the previous two trading sessions on the BSE, after the private sector lender announced that it has completed the acquisition of the diamond and jewellery financing business and related deposit portfolio of Royal Bank of Scotland (RBS).
The stock has touched a record high of Rs 971 on the BSE in intra-day trades today. It has rallied 9% from Rs 894 on July 10, after the company posted a 25% rise in net profit at Rs 525 crore for the quarter ended June 30, compared to Rs 421 crore in the year-ago quarter, on the back of strong growth in net interest income. The S&P BSE Sensex has gained less than 1% during the same period.
Nitin Kumar and Pritesh Bumb, analysts at Prabhudas Lilladher have recommended ‘accumulate’ rating on the stock with a target price of Rs 1,050.
“Post recent capital infusion, the bank is well capitalized and has Tier-I of around 16%, while the regulatory relief on retail loans has further helped IndusInd Bank in controlling risk-weighted assets (RWA) growth,” analyst said in a report dated July 13, 2015.
The stock has touched a record high of Rs 971 on the BSE in intra-day trades today. It has rallied 9% from Rs 894 on July 10, after the company posted a 25% rise in net profit at Rs 525 crore for the quarter ended June 30, compared to Rs 421 crore in the year-ago quarter, on the back of strong growth in net interest income. The S&P BSE Sensex has gained less than 1% during the same period.
Nitin Kumar and Pritesh Bumb, analysts at Prabhudas Lilladher have recommended ‘accumulate’ rating on the stock with a target price of Rs 1,050.
“Post recent capital infusion, the bank is well capitalized and has Tier-I of around 16%, while the regulatory relief on retail loans has further helped IndusInd Bank in controlling risk-weighted assets (RWA) growth,” analyst said in a report dated July 13, 2015.
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