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IndusInd Bank shares up 3% after CLSA retains buy call, raises target to Rs 1,325

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.

March 10, 2021 / 09:51 AM IST
 
 
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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.

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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.

Disclaimer: The views and investment tips expressed by investment experts 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.
Moneycontrol News
first published: Mar 10, 2021 09:51 am

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