Current levels in IndusInd Bank should be used as a buying opportunity, said SP Tulsian of sptulsian.com on Monday, adding that the news of promoter Hindujas pumping Rs 2,700 crore into the bank is positive for the lender.
Shares of IndusInd Bank rose as much as 2.5 percent to Rs 1485 per share on Monday after PTI reported that promoter Hindujas will pump Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial.
"This news flow of the promoter exercising warrant, subscribing to warrant... is seen positive and we initiate a 'buy' call on the stock because of this news flow as well," said Tulsian.
Speaking about Sobha, he said, “Definitely any stake sale by the promoter is giving caution, that too when the promoters are just holding 56 percent stake and if you see getting sold about 4.5 -5 percent, that means that will be closure to about 50 percent. If you see the present situation going forward, it is better that you directly sell off and allow the shares to correct even if happens on that news flow..."
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