0

0

0

0

0

0

0

0

0

This article is more than 2 month old.

IndusInd Bank top Nifty50 gainer; stock hits 52-week high post Q2 results

Mini

Shares of IndusInd Bank jumped as much as 9 percent on Thursday, hitting a 52-week high at Rs 1,241.85, after reporting strong quarterly numbers. At 9:51 am, shares of IndusInd Bank were trading 5.4 percent higher at Rs 1,203 on the BSE. The stock has gained after falling for three straight sessions.

IndusInd Bank top Nifty50 gainer; stock hits 52-week high post Q2 results
Shares of IndusInd Bank jumped as much as 9 percent on Thursday, hitting a 52-week high at Rs 1,241.85, after reporting strong quarterly numbers.
At 9:51 am, shares of IndusInd Bank were trading 5.4 percent higher at Rs 1,203 on the BSE. The stock has gained after falling for three straight sessions.
The private bank posted a 73 percent year-on-year (YoY) jump in its consolidated net profit to Rs 1,146.7 crore for the September quarter. CNBC-TV18 Poll had predicted a profit of Rs 1,042.4 crore for the quarter under review.
Deposits as of September 30, 2021, were Rs 2,75,288 crore against Rs 2,27,884 crore, marking a 21 percent on-year surge. Meanwhile, advances as of September end of 2021 were at Rs 2,20,808 crore as against Rs 2,01,247 crore in the corresponding period last year.
Nirmal Bang Equities remains positive about the bank's growth and earnings trajectory and has retained its 'buy' call on the stock with a target price of Rs 1,418.
The brokerage noted that gross non-performing assets declined sequentially by 11 basis points to 2.8 percent while net non-performing assets were down 4 basis points on quarter at 0.8 percent. Collection efficiency has also been improving across segments, Nirmal Bang Equities added.
ICICI Securities has also maintained its 'buy' rating with a hike in target price to Rs 1,420 from Rs 1,260.
Meanwhile, Morgan Stanley that has an 'overweight' stance on shares of the private lender said that the bank's balance sheet has improved and that earnings should now pick up.
Jefferies says 'buy' the stock as valuations look attractive at current levels. The foreign brokerage firm noted that pick up in loan growth is aided by the stability in deposit and liquidity.
next story