IndusInd Bank inches up after opening banking unit in Gujarat

IndusInd Bank rose 0.27% to Rs 1,126.95 at 13:41 IST on BSE after the bank announced the opening of IFSC banking unit at the Gujarat International Finance Tec-City to meet the requirements of offshore banking operations in India.

The announcement was made during market hours today, 12 July 2016.

Meanwhile, the S&P BSE Sensex was up 78.61 points or 0.28% at 27,705.30.

On BSE, so far 62,000 shares were traded in the counter as against average daily volume of 82,906 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.53% at the day's high of Rs 1,141.15 so far during the day. The stock lost as much as 0.07% at the day's low of Rs 1,123.10 so far during the day. The stock had hit a record high of Rs 1,147.50 yesterday, 11 July 2016. The stock had hit a 52-week low of Rs 799 on 11 February 2016. The stock had underperformed the market over the past one month till 11 July 2016, gaining 1% compared with Sensex's 3.72% rise. The scrip had, however, outperformed the market in past one quarter, advancing 17.04% as against Sensex's 10.41% rise.

The large-cap bank has equity capital of Rs 595.87 crore. Face value per share is Rs 10.

IndusInd Bank's International Banking Unit (IBU) will provide the bank access to international financial markets and will allow IndusInd to deliver a complete range of products to its clients with foreign currency funding requirements. The bank will now be able to actively offer products such as external commercial borrowings to its customers, an area where it had limited capabilities hitherto.

IndusInd Bank's net profit rose 25.96% to Rs 661.38 crore on 22.36% growth in total income to Rs 4264.66 crore in Q1 June 2016 over Q1 June 2015. The result was announced during trading hours yesterday, 11 July 2016.

IndusInd Bank is a leading private sector bank in India.

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