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IndusInd Bank Shares Jump 11.5% On Positive Outlook From Brokerages
Shares of IndusInd Bank rose as much as 11.5 percent on Tuesday to an intraday high of Rs 454.45 apiece on BSE as brokerages maintained their bullish stance on the stock after it reported its Q4 financial results. It is the second consecutive day of gains for the stock which increased 7 percent on the previous day.
On Monday, the private bank posted a 16.18 percent year-on-year fall in net profit at Rs 301.84 crore for the March ended quarter. It also reported an increase in gross non-performing assets (NPA) at 2.45 percent for the quarter when compared to 2.18 percent in December. IndusInd Bank said it recognised a few weak non-performing accounts in the January-March period.
However, its net interest income (NII) grew by 44 percent compared to the same period last year. Its management said that the profit was affected due to an increase in provisions and said that it has fully provided for its exposure to IL&FS and is increasing its concentration towards retail.
It also provided guidance of 6-8 percent growth in its Corporate book.
IndusInd also reported a 4 percent growth in deposits for the quarter despite some large withdrawals by state governments and other customers especially after the collapse of Yes Bank.
Morgan Stanley maintained its 'overweight' stance on the bank. BOB Capital Markets has a 'buy' recommendation on the stock.
