IndusInd Bank

STOCK IN THE NEWS

A fresh authorisation from Reserve Bank of India (RBI) for opening 19 more branches boosted IndusInd Bank stock last week with more than 10 per cent gains after the announcement.

The stock appreciated more than 10 per cent on date of announcement to Rs 47.20 on December 27 from its previous day's close of Rs 42.85. On weekly basis, the stock gained 12 per cent from Rs 42.05 to Rs 47.25.

As of date, the bank has 147 branches and 87 offsite ATMs spread over 118 geographical locations in 24 states and union territories. With this new set of licences, the network will now increase to 180 branches by March-April 2007.Internationally, the bank has a representative office each in Dubai and London.

The bank also enjoys strategic alliances with Union National Bank, Abu Dhabi in the UAE and Doha Bank in Qatar. The bank also has arrangements with 17 exchange houses from the UAE, Kuwait, Bahrain, Qatar and Oman to provide convenient, cost-effective, and quick funds-transfer facilities to NRIs.

"� BS Research