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The CEO may not immediately be aware of all things happening in the bank, but by being the leader the understanding is that he should have a handle over everything under his nose. While it’s a tough ask, unfortunately this is how the world works
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The international brokerage reduced its target price for IndusInd Bank shares to Rs 1,090 from Rs 1,318. The stock was the worst performer on Nifty 50 in 2024.
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For the financial year 2023-24, the company reported its highest-ever annual net profit of Rs 1,027 crore, rising 83 percent YoY. The total revenue stood at Rs 915 crore compared to Rs 577 crore in the year-ago period.
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About 1242 shares advanced, 1860 shares declined, and 104 shares were unchanged.
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The consortium will submit its proposal to the Reserve Bank of India on February 26
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The agreement provides for a mutually agreed exclusivity period for due diligence and discussions to evaluate a potential strategic combination between the two companies.
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The media has been abuzz with the rumours of IndusInd Bank (IIB) and Bharat Financial Inclusion (BHAF) coming together. This isn‘t the first marriage in the space. In the past, IDFC Bank had acquired Tamil Nadu-based Grama Vidiyal Microfinance and Kotak Bank had acquired BSS Microfinance. So there are clearly merits of acquiring a Micro Finance Institution (MFI) for a bank.
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Among global markets, Asia enjoyed a relief rally as upbeat US jobs data lessened immediate concerns about health of the world's largest economy, though long-run fallout from Brexit kept sovereign yields near record lows.
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Dealers said the rally was largely sentiment driven, since India had not fallen much when Greece had defaulted on its loans and later voted ‘no‘ in the referendum on the bail out package terms.
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IndusInd Bank is up 1 percent after its Q1 results beat estimates. Its net non-performing asset (NPA) is flat.
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There is still no deal on the Greek bailout as creditors asked for even more tough conditions than those rejected by Greek people in last Sunday‘s referendum.
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Shares of Infosys rose 3.6 percent intraday on Friday after it announced December quarter earnings. The stock is just Rs 5.80 away from touching its record high of Rs 3581 (tested on January 4, 2014).
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Technology stocks boost the indices with Infosys, Wipro and TCS as major gainers in the Sensex. Reliance and Sun Pharma are other gainers.
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Among private banks, Barclays highlights Yes Bank and IndusInd Bank as most reliant on short-term wholesale funding, while non-banking financial companies such as IDFC are also vulnerable.
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Largely the defensives have continued to outperform, despite the fact that the valuation differential between defensives and the rest of the market has kept on increasing.
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Given the kind of economic and political turmoil the country is currently undergoing, Dipan Mehta, member, BSE & NSE recommends investors to look at defensives.
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Technical analyst, Sudarshan Sukhani, s2analytics.com suggested traders to avoid trading till Reserve Bank of India (RBI) announces its policy and market reacts to it.
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In an interview to CNBC-TV18, SP Tulsian of sptulsian.com gives his picks from the realty space.
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Private sector banks like Axis Bank, Yes Bank and ICICI Bank have declared their second quarter results. Vishal Goyal, executive director of UBS Securities says the numbers were good
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Vijay Sarathi, banking analyst at Nomura India says for PSU banks incremental delinquencies will be at the same levels where they were in Q1 of FY13.
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Equity benchmarks declined week-on-week as concerns over deficient monsoon, weak earnings and a fluid global market kept buyers on the backfoot. The BSE Sensex shed 208 points over last week to close at 17,213.70, and the Nifty fell 90 points to close at 5,227.25.
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In an interview with CNBC-TV18, Hemindra Hazari, Banking Analyst at Nirmal Bang said HDFC Bank has met expectations and delivered in accordance with the numbers predicted by analysts. He is optimistic about the banking sector and feels banks are going to report pretty decent net profit earnings growth of 15% to 20% in this quarter.
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Rajeev Mahrotri, head -trading, global markets, IndusInd Bank, explains to CNBC-TV18 that it was the RBI‘s intervention and the increase in petrol prices by the government that rescued the rupee
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For the next 15-30 days, the rupee will trade betweem 52-54 to the dollar, says Moses Harding of IndusInd.
