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Last Updated : Sep 16, 2020 10:52 AM IST | Source: Moneycontrol.com

IndusInd Bank shares fall despite CLSA buy call

The stock traded in the red even as global brokerage firm CLSA recommended a buy on the stock with a target price of Rs 665.

 
 
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A day after logging strong gains of 4 percent, shares of IndusInd Bank witnessed profit-booking and fell over a percent in early trade on BSE on September 16.

The stock traded in the red even as global brokerage firm CLSA recommended a buy on the stock with a target price of Rs 665.

CLSA has a positive view on the stock and as per CNBC-TV18, the global brokerage believes the lender is ticking all the right boxes for stability with capital raising and deposit stability.

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"Our 6 percent credit cost estimate in FY21-22 is higher than that of its peers," said CLSA and added that the current trends in asset quality are in-line with its expectations.

Promoters increasing shareholding and zero promoter pledge are some of the positives about the stock. However, the company's debt, declining quarterly net profit and shrinking cash flow are the areas of concern.

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Shares of IndusInd Bank traded 1.03 percent down at Rs 627 at 10:32 hours.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 16, 2020 10:52 am
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