Shares in private sector lender IndusInd Bank were up for the fifth straight session after its promoters bought additional shares of the bank from the open market.
The stock despite the rally is still far away from its 52-week high price struck on June 2, 2019 of Rs. 1601.75 per shares. Shares hit a 52-week low price of Rs. 236 per share on March 24, 2020.
Currently, the bank promoter groups IndusInd International Holdings Ltd. and IndusInd Ltd are holding 14.68% of the paid up share capital. "The promoters shall now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap," IndusInd Bank said in an exchange filing on Friday, June 5, 2020.
The bank said that its promoters in April had made an application to the RBI for increasing their permissible holding in the bank to 26%.
Also, the Supreme Court at 12:30 pm is scheduled to the hear the AGR matter of telecom companies. And the matter of allowing the telecom companies to spread their AGR dues over the 20 year or less tenure shall be taken up.
And with IndusInd Bank sharing considerable exposure to Vodafone Idea which is said to be 9% of its net worth, today's verdict later in the day by the Supreme Court will have a bearing on the stock.