Moneycontrol Bureau
Shares of IndusInd Bank rallied as much as 3.6 percent intraday Monday to touch a record high of Rs 708.70 after Foreign Investment Promotion Board (FIPB) approved bank's proposal to hike FII investment limit.
The bank had sought approval for increase in foreign investment to 74 percent with a specific request to grant post-facto approval for increase in foreign holding from 68.51 percent to 72.07 percent on June 30, 2014.
The government (on October 24) said based on the recommendations of FIPB, it approved 20 proposals (including Bharati Shipyard (stock up 6 percent), Solar Industries (up 0.15 percent), Fresenius Kabi, Intas Pharma etc) of foreign direct investment amounting to approximately Rs 988.3 crore.
Meanwhile, the private sector lender's net profit grew by 30.3 percent year-on-year to Rs 430.2 crore in the quarter ended September 2014 led by strong other income and lower provisions. Net interest income, the difference between interest earned and interest expended, rose by 19 percent to Rs 833 crore in July-September quarter compared to Rs 700 crore in the same quarter last year while other income (non-interest income) shot up 34 percent to Rs 558.3 crore from Rs 416.7 crore during the same period.
At 11:26 hours IST, the stock was quoting at Rs 703.40, up Rs 19.40, or 2.84 percent on the BSE.
Posted by Sunil Shankar Matkar
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