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Last Updated : Jan 09, 2020 09:54 AM IST | Source: Moneycontrol.com

IndusInd Bank share price gains 2% after BofAML upgrades stocks to buy

BofAML has raise FY20-22 earnings estimates by 1-13 percent and sees further upside if macro normalisation is stronger.

 
 
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The share price of IndusInd Bank gained 2 percent in the morning trade on January 9 after global research firm BofAML upgraded the stock to buy and raised target to Rs 2,000 from Rs 1,500 per share. The firm is of the view that macro and micro factors are likely to turn tailwinds in 2020.

It says IndusInd Bank offers the best risk-reward in the sector and most investor concerns are to be addressed positively in a couple of quarters.

BofAML has raise FY20-22 earnings estimates by 1-13 percent and sees a further upside if macro normalisation is stronger.

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IndusInd Bank reported a 3.4 percent sequential decline in the September quarter profit, dented by higher provisions and slow net interest income growth. The profit during the quarter declined to Rs 1,383.37 crore compared to Rs 1,432.5 crore in the June quarter, while the year-on-year (YoY) rise was 50 percent.

Net interest income, the difference between interest earned and interest expended, grew by 2.3 percent quarter-on-quarter (QoQ) (32 percent YoY) to Rs 2,909.5 crore in Q2, with 5bps improvement in net interest margin at 4.10 percent QoQ.

At 0924 hours, IndusInd Bank was quoting at Rs 1,488.40, up Rs 29.60, or 2.03 percent. It has touched an intraday high of Rs 1,500 and an intraday low of Rs 1,483.65.

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First Published on Jan 9, 2020 09:54 am
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