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Last Updated : Aug 03, 2020 04:11 PM IST | Source: Moneycontrol.com

Buy IndusInd Bank; target of Rs 615: Anand Rathi

Anand Rathi is bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 615 in its research report dated July 29, 2020.

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Anand Rathi 's research report on IndusInd Bank


Higher margins and Treasury income led to a 352bp sequential decrease in C/I, which improved to 39.4%. Asset quality and PCR improved. The portfolio under moratorium sharply declined from 50% in Q4 FY20 to 14% in Q1 FY21. The run on deposits last quarter reversed, with 5% sequential growth. SMA disclosures and management commentary suggest no major risk in asset quality due to the Covid’19-driven slowdown.


Outlook


With lower risk on asset quality than envisaged earlier and the arrest on run on deposits, we change our stance on the bank and accordingly upgrade it to a Buy, with a TP of `615.


For all recommendations report, click here


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First Published on Aug 3, 2020 02:30 pm
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