IndusInd Bank share price jumped over 3 percent in the morning session on March 10 after global research firm CLSA maintained a buy call on the stock and raised the target to Rs 1,325 from Rs 1,100 per share earlier.
CLSA is of the view that the private bank has reported a transformative journey in the last two years and has been debulking corporate book and increasing granularity of liabilities.
The research firm feels that the COVID-19 asset quality hit has been less than expected adding that CV, MFI and gems portfolio has held up better than expected while the liability side remains a work-in-progress.
"The bank's dependence on bulky fee streams has fallen in the last two years while high-yielding retail assets should support overall profitability," it added.
The stock was trading at Rs 1,052.80, up Rs 28.95, or 2.83 percent, at 09:33 hours. It has touched an intraday high of Rs 1,060.45 and an intraday low of Rs 1,038.85.
ICICI Direct also has a buy call on IndusInd Bank with a target price of Rs 1,270 and. The research and broking firm recommend keeping the stop loss at Rs 990.
Sameet Chavan, Chief Technical & Derivatives Analyst at Angel Broking, however, advised selling the stock. He feels that the stock has been struggling to surpass Rs 1,100 – 1,120 levels.
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