IndusInd Bank shares crash 19% on weak Q2; analysts cut target price
Brokerages have mostly maintained ‘BUY’ call on IndusInd Bank, but slashed target price to up to ₹1,290 per share.
Brokerages have mostly maintained ‘BUY’ call on IndusInd Bank, but slashed target price to up to ₹1,290 per share.
The RBI on October 11 gave approval to SBI Mutual Fund to acquire 9.99% of the paid-up share capital in IndusInd Bank.
IndusInd Bank reported 32% YoY rise in net profit in Q1 FY24, driven by strong net interest income (NII) and dip in provisions.
IndusInd Bank's gross NPAs were 1.94% of gross advances as of Q1 FY24, and net NPAs accounted for 0.58% of net advances; deposits up 15% YoY
IndusInd Bank has an average target of ₹1,344.47 from 18 brokers, an upside potential of over 19% from the current market price.
The stock price got a boost amid a report that Hinduja Group may increase its stake in IndusInd Bank to 26% from the existing 16.51%.