Stock To Buy: Motilal Oswal Upbeat On Pvt Sector Lender, Target Price Rs 1700

Motilal Oswal has recommended investors to buy IndusInd Bank shares with target price of Rs 1700 apiece. Current market price of IndusInd Bank stock on BSE is Rs 1475.65 per share with intraday fall of 0.75%. IndusInd Bank shares declined 1.49% in last 1-week, gained 16% in last 6-months and jumped 26% in last 1-year.

The leading private sector lender on October 18 declared its net profit at Rs 2202 crore for the July-September period, up 22% as compared to Rs 2128 crore declared in the corresponding period of last fiscal. Check details below:

IndusInd Bank Stock Performance & Return: The stock's 52-week high price is Rs 1536.95 per share and 52-week low price is Rs 990.25 per share, respectively. IndusInd Bank has a market capitalisation of Rs 1,14,726.69 crore. IndusInd Bank shares soared 26% in last 1-year, gained 52% in last 2-years, and surged 73% in last 3-years. In last 5-years, IndusInd Bank shares fell 3.50%.

IndusInd Bank Financials: The bank's net interest income (NII) arrived at Rs 5,076 crore, up 18% from Rs 4302 crore declared in the corresponding quarter of last year. The private lender's asset quality got better during the quarter under consideration. Gross non-performing assets or NPAs declared at 1.93% from 2.11% an year ago. Net NPA got better to 0.57% from 0.61%. The bank announced its total deposits stood at Rs 3.59 lakh crore as against Rs 3.15 lakh crore, up 14%.

IndusInd Bank associates with Indraprastha IGL to enable digital rupee transactions: According to the regulatory filing of the bank dated November 24, 2023, "IndusInd Bank today announced its association with Indraprastha Gas Limited (IGL), to facilitate the acceptance of Digital Rupee, the Central Bank Digital Currency (CBDC) launched by the Reserve Bank of India in 2022. This collaboration will enable customers at select IGL stations in Delhi NCR, to make payments using the Digital Rupee, fostering the use and acceptance of India's Digital Currency. Further, through UPI interoperability, customers can scan any UPI QR using their Digital Rupee App across all IGL stations."

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