IndusInd Bank hits record high

IndusInd Bank rose 0.58% to Rs 1,410.40 at 12:52 IST on BSE on reports a foreign brokerage has maintained buy rating on the stock for a target of Rs 1,680.

Meanwhile, the S&P BSE Sensex was up 186.54 points or 0.64% at 29,423.69.

On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 89,173 shares in the past one quarter. The stock had hit a high of Rs 1,425 so far during the day, which is a record high. The stock hit a low of Rs 1,406.35 so far during the day.

The stock had hit a 52-week low of Rs 912 on 28 March 2016. It had outperformed the market over the past one month till 27 March 2017, advancing 6.23% compared with the Sensex's 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 31.85% as against the Sensex's 11.53% rise.

The large-cap bank has equity capital of Rs 598.15 crore. Face value per share is Rs 10.

The target price of Rs 1,680 provides an upside of 19.8% over the stock's closing price of Rs 1,402.30 yesterday, 27 March 2017.

IndusInd Bank's net profit rose 29.2% to Rs 750.64 crore on 22.9% growth in total income to Rs 4716.13 crore in Q3 December 2016 over Q3 December 2015.

IndusInd Bank is a leading private sector bank in India.

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