IndusInd Bank advances after announcing partnership with PayU India

IndusInd Bank rose 2.4% to Rs 934.50 at 11:24 IST on BSE after the bank partnered with online payment solution leader PayU India to redefine the digital experience for Indian consumers.

Meanwhile, the S&P BSE Sensex was down 23.62 points or 0.1% at 24,658.41

On BSE, so far 1.01 lakh shares were traded in the counter as against average daily volume of 71,230 shares in the past one quarter. The stock hit a high of Rs 944 and low of Rs 914.85 so far during the day. The stock had hit a record high of Rs 988.50 on 31 July 2015. The stock had hit a 52-week low of Rs 784.45 on 12 June 2015. The stock had outperformed the market over the past one month till 12 January 2016, falling 0.42% compared with 1.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, dropping 3.23% as against Sensex's 8.26% decline.

The large-cap bank has equity capital of Rs 593.65 crore. Face value per share is Rs 10.

IndusInd Bank has partnered with online payment solution leader PayU India to redefine the digital experience for Indian consumers, by bringing the full suite of consumer banking products online and powering the same through payment innovations and online eco-systems enabled by PayU India. This partnership is aimed at bridging the gap between conventional banking world and the new age online payment systems, the bank said. Announcements about the new products and services under the partnership will be made in the next 4-6 months time, the two companies said in a joint press release after hours yesterday, 12 January 2016.

IndusInd Bank's net profit rose 29.9% to Rs 581.02 crore on 22.1% rise in total income to Rs 3766.70 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours yesterday, 12 January 2016, when the stock fell 2.68% to settle at Rs 912.45.

IndusInd Bank is a leading private sector bank in India.

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