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IndusInd Bank crawls higher after partnering with Ripple

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IndusInd Bank rose 0.22% to Rs 1,695 at 14:43 IST on BSE after the bank announced its partnership with Ripple, the enterprise blockchain solution for global payments, to facilitate payments into and out of India.

The announcement was made during market hours today, 27 February 2018.

Meanwhile, the S&P BSE Sensex was down 78.53 points or 0.23% at 34,367.22.

On the BSE, 19,553 shares were traded on the counter so far as against the average daily volumes of 92,290 shares in the past one quarter. The stock had hit a high of Rs 1,710 and a low of Rs 1,679.85 so far during the day. The stock had hit a record high of Rs 1,818 on 12 September 2017. The stock had hit a 52-week low of Rs 1,288.05 on 3 March 2017.

The stock had outperformed the market over the past one month till 26 February 2018, falling 2.18% compared with the Sensex's 4.45% drop. The scrip had, however, underperformed the market in past one quarter, rising 0.86% as against Sensex's 2.28% rise. The scrip had, however, outperformed the market in past one year, gaining 26.24% as against Sensex's 19.22% rise.

The large-cap bank has equity capital of Rs 600.11 crore. Face value per share is Rs 10.

With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China. In 2017, India saw a total of $65 billion move into the country and IndusInd Bank which has significant interests in cross border remittances, plans to harness the power of blockchain technology for facilitating global payments.

The bank plans to leverage the latest technology to build on its existing footprint in the payments business through this alliance. Blockchain technology for payments lowers both costs and transfer times for their customers. Also, by joining RippleNet, financial institutions are able to communicate information about a payment between each other, and settle payments immediately.

IndusInd Bank's net profit rose 24.7% to Rs 936.25 crore on 16.1% increase in total income to Rs 5473.54 crore in Q3 December 2017 over Q3 December 2016.

IndusInd Bank is one of the leading private sector banks in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 27 2018. 14:55 IST