IndusInd Bank rose 0.42% to Rs 947 at 11:41 IST on BSE after the bank entered into an agreement to acquire Royal Bank of Scotland's Diamond & Jewellery Financing business in India and related deposit portfolio.
The announcement was made during trading hours today, 10 April 2015.
Meanwhile, the BSE Sensex was down 39.32 points, or 0.14%, to 28,845.15
On BSE, so far 29,332 shares were traded in the counter, compared with an average volume of 88,523 shares in the past one quarter.
The stock hit a high of Rs 951.10 and a low of Rs 941 so far during the day. The stock had scaled a record high of Rs 959 on 4 March 2015. The stock hit a 52-week low of Rs 472 on 5 May 2014.
The stock had outperformed the market over the past one month till 9 April 2015, rising 5.39% compared with 0.14% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 17.96% as against Sensex's 5.20% rise.
The large-cap private sector bank has an equity capital of Rs 529.45 crore. Face value per share is Rs 10.
IndusInd Bank today, 10 April 2015 entered into an agreement to acquire Royal Bank of Scotland's diamond & jewellery financing business in India and related deposit portfolio. This is a part of ABN AMRO Bank NV's Diamond & Jewellery clients that is housed in Royal Bank of Scotland NV acting through its Mumbai branch in India. The Royal Bank of Scotland NV diamond and jewellery financing loan book size is around Rs 4500 crore, IndusInd Bank said.
IndusInd Bank said that until ownership of the loans transfer to IndusInd Bank, day-to-day management of the loan portfolio will remain with Royal Bank of Scotland NV. Employees within diamond and jewellery clients in India will also move to IndusInd Bank and will ensure seamless transition of the customer base.
IndusInd Bank specialises in diamond and jewellery financing business and this acquisition will enhance its position, IndusInd said. Several members of IndusInd Bank's senior management had been associated with this portfolio in RBS NV and prior to that in ABN AMRO Bank NV, the bank said. A critical success factor in diamond financing is global client knowledge and this is being achieved through a long term partnership agreement with ABN AMRO Bank NV, it added.
IndusInd Bank's net profit rose 28.9% to Rs 447.19 crore on 16.2% increase in total income to Rs 3047.70 crore in Q3 December 2014 over Q3 December 2013.
IndusInd Bank caters to the needs of both consumer and corporate customers. As on 31 December 2014, IndusInd Bank has 727 branches, and 1,350 ATMs spread across geographical locations of the country. The bank also has representative offices in London, Dubai and Abu Dhabi.
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