IndusInd Bank hits record high

IndusInd Bank rose 2.71% to Rs 702.55 at 12:12 IST on BSE after Foreign Investment Promotion Board on Saturday, 25 October 2014, approved the bank's proposal seeking increase in foreign investment limit in the bank to 74%.

Meanwhile, the S&P BSE Sensex was up 14.67 points or 0.05% at 26,865.72.

On BSE, so far 83,000 shares were traded in the counter as against average daily volume of 77,427 shares in the past one quarter.

The stock was volatile. The stock rose as much as 3.61% at the day's high of Rs 708.70 so far during the day, which is a record high for the counter. The stock rose 1.16% at the day's low of Rs 692 so far during the day. The stock had hit a 52-week low of Rs 369.05 on 30 January 2014.

The stock had outperformed the market over the past one month till 23 October 2014, advancing 8.44% compared with Sensex's 0.28% rise. The scrip had also outperformed the market in past one quarter, jumping 23.03% as against Sensex's 2.69% rise.

The large-cap private sector bank has equity capital of Rs 528.13 crore. Face value per share is Rs 10.

IndusInd Bank's net profit rose 30.3% to Rs 430.20 crore on 20.6% growth in total income to Rs 2937.03 crore in Q2 September 2014 over Q2 September 2013.

IndusInd Bank caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities.

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