IndusInd Bank's profit during the quarter declined to Rs 1,383.37 crore compared to Rs 1,432.5 crore reported in June quarter, on year-on-year (YoY) basis it jumped 69 percent.
Shares of IndusInd Bank swung between gains and losses on BSE on October 11 as most brokerages cut their target price on the stocks after the company reported a 3.4 percent sequential decline in the September quarter profit.
The stock climbed 2 percent on BSE, but failed to hold gains and slipped over a percent within the first hour of today's session.
IndusInd Bank's profit during the quarter declined to Rs 1,383.37 crore compared to Rs 1,432.5 crore reported in the June quarter. On year-on-year (YoY) basis it jumped 69 percent.
The net interest income, the difference between interest earned and interest expended, grew by 2.3 percent quarter-on-quarter (QoQ) (32 percent sequentially) to Rs 2,909.5 crore in Q2.
Global brokerage firm Morgan Stanley has maintained an overweight call on the stock after the earnings but cut the target price to Rs 1,700 from Rs 2,000.
The foreign brokerage cut earnings estimates also after core PPoP missed its estimate by 7 percent.
Jefferies has a 'hold' recommendation on IndusInd Bank but reduced the target price to Rs 1,405 from Rs 1,480.
CLSA has maintained a buy rating on the stock but reduced the target price to 1,950 from Rs 2,160.
HSBC also cut the target price to Rs 1,920 From Rs 2,020, while maintaining the buy recommendation on IndusInd Bank.The scrip traded 0.70 percent lower at Rs 1,220.40 on BSE around 1020 hours IST.The Great Diwali Discount!
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