IndusInd Bank stock soars 10% as Morgan Stanley raises target price by 14%

In its bull-case scenario, Morgan Stanley sees IndusInd Bank's stock price rising to Rs 2,030 levels in the next one-year

Shares of IndusInd Bank soared 10 per cent to hit an intra-day high of Rs 1,072 apiece on the BSE on Wednesday after global brokerage Morgan Stanley raised target price on the stock by 14 per cent. The stock settled 7.6 per cent higher at Rs 1,049.5 per share as against a 0.92 per cen rally in the benchmark S&P BSE Sensex at 50,256 levels. 

"We value IndusInd using a base-case price to adjusted book value valuation methodology (vs. probability-weighted price to adjusted book value valuation methodology previously). We have revised our price target from Rs 1,075 to Rs 1,225,"