IndusInd, HDFC Bank surge up to 21% post Q4 biz update amid Covid-19 woes

Analysts at Kotak Institutional Equities expect banks to report healthy earnings due to the Reserve Bank of India's loan moratorium

Shares of HDFC Bank and IndusInd Bank zoomed as much as 21 per cent on the BSE on Tuesday after the banks informed their respective investors about their March quarter performance. While HDFC Bank reported a 21 per cent year-on-year jump in the net advances, IndusInd Bank reported a 13 per cent YoY growth. This comes amid the coronavirus pandemic that has cast shadow on the banking sectors' performance.

HDFC Bank reported a 6.3 per cent sequential growth in net advances, to Rs 9,93,000 crore, while deposits rose 7.4 per cent over the previous quarter to Rs 11,46,500 crore. On