Tag: indusind bank

The Indian frontline indices started gap-up today (1st December 2021) on the back of strong GDP growth of over 8 percent in Q2. With this, India continues to remain the fastest-growing large economies in the world. That apart, firm Asian cues also supported the sentiment on the Street. The BSE Sensex was up 659 points, or 1.15 percent, at 57,724 levels. The Nifty50, on the other hand, was at 17,183, up 200 points. IndusInd Bank (up 3.7 percent) was the top Sensex gainer, followed by Tech M, HDFC, NTPC, Tata Steel, and UltraTech Cement. Power Grid was the only loser on the index, down 0.2 percent. In the broader markets, the BSE MidCap and SmallCap indices added 0.9 percent and 0.8 percent, respectively. Read more

Equity markets were volatile on the first trading day of Samvat 2078(8th November 2021). After hitting an opening high of 60,434, the BSE Sensex gave up gains and was down 92 points at 59,975 levels in early deals. Its NSE counterpart Nifty50, on the other hand, was at 17,878 levels, down 38 points. IndusInd Bank was the biggest loser, down 10 percent, amid reports of lapses in governance and accounting norms related to allegedly 'evergreen' loans running into thousands of crores since the outbreak of Covid-19. On its part, IndusInd Bank on Saturday admitted that its micro-finance arm gave nearly 84,000 loans "without customer consent" due to a "technical glitch" on May 21, but denied whistleblowers' allegations of "evergreening". Sun Pharma, Asian Paints, Tata Steel, M&M, HCL Tech, and HDFC Bank were some of the other tops drags on the 30-pack index. On the upside, L&T, Kotak Bank, Maruti Suzuki, and Airtel were trading with up to 1 percent gains. Read more

Since April 2021 the NIFTY BANK index has faced resistance at higher levels and has been unable to cross 36,000 levels, as per the weekly setup. The recent momentum, however, has propelled Nifty Bank above the said resistance and there are chances that it can see 36,750 levels in the days ahead, as per the daily chart. The overall structure of weekly and daily charts suggests a positive rally that could see Nifty Bank surpass 37,000 levels and gain more ground. The immediate support comes at 35,500 levels. NIFTYBANK Likely target: 36,750 and 37,000 Upside potential: 2% to 2.50% Read more

Mumbai based bank IndusInd Bank Shares surged 18.05 per cent intra-day, to hit a high of Rs 480.9, on the BSE on Tuesday due to its better-than-expected operationally strong March quarter performance.IndusInd Bank reported profit at Rs 301.84 crore in March quarter, down 76.8 per cent compared to the previous quarter's net at Rs 1,300.2 crore, impacted by higher provisions and lower other income, but lower tax (down 77 per cent QoQ) limited the decline. The bank's net interest income (NII) rose 5 per cent sequentially and 45 per cent year-on-year (YoY) to Rs 3,231 crore during Q4FY20. Besides, it logged the highest-ever net interest margin (NIM) of 4.25 per cent, up from 4.15 per cent in Q3FY20 and 3.59 per cent reported during the year-ago quarter. Read more

Shares of IndusInd Bank were down 20 per cent lower circuit at Rs 329.25 after the bank said the outbreak of coronavirus (COVID-19) could push up its credit costs to around 200 to 210 basis point in March 2020 quarter, indicating a rise in bad loans. The management said the near-term impact of COVID-19 would have limited impact on their portfolio, assuming a 3-month disruption. The base-line assumptions say the impact of COVID-19 would remain for 3-4 months and demand would recover post-June 2020. Also, IndusInd Bank deposits shrink by 10-11% and almost two-third of reduction is on account of government-related accounts – this is largely related to general private sector bank stance. The stock price has corrected steeply in recent days, owing to concerns about asset quality and strength of funding franchise. The coronavirus outbreak has further impacted growth and asset-quality prospects in the select business segments.