IndusInd Bank rose 0.22% to Rs 1,695 at 14:43 IST on BSE after the bank announced its partnership with Ripple, the enterprise blockchain solution for global payments, to facilitate payments into and out of India.
The announcement was made during market hours today, 27 February 2018.Meanwhile, the S&P BSE Sensex was down 78.53 points or 0.23% at 34,367.22.
On the BSE, 19,553 shares were traded on the counter so far as against the average daily volumes of 92,290 shares in the past one quarter. The stock had hit a high of Rs 1,710 and a low of Rs 1,679.85 so far during the day. The stock had hit a record high of Rs 1,818 on 12 September 2017. The stock had hit a 52-week low of Rs 1,288.05 on 3 March 2017.
The stock had outperformed the market over the past one month till 26 February 2018, falling 2.18% compared with the Sensex's 4.45% drop. The scrip had, however, underperformed the market in past one quarter, rising 0.86% as against Sensex's 2.28% rise. The scrip had, however, outperformed the market in past one year, gaining 26.24% as against Sensex's 19.22% rise.
The large-cap bank has equity capital of Rs 600.11 crore. Face value per share is Rs 10.
With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China. In 2017, India saw a total of $65 billion move into the country and IndusInd Bank which has significant interests in cross border remittances, plans to harness the power of blockchain technology for facilitating global payments.
The bank plans to leverage the latest technology to build on its existing footprint in the payments business through this alliance. Blockchain technology for payments lowers both costs and transfer times for their customers. Also, by joining RippleNet, financial institutions are able to communicate information about a payment between each other, and settle payments immediately.
IndusInd Bank's net profit rose 24.7% to Rs 936.25 crore on 16.1% increase in total income to Rs 5473.54 crore in Q3 December 2017 over Q3 December 2016.
IndusInd Bank is one of the leading private sector banks in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app