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.
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.
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
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies 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.