Shares of IndusInd Bank Ltd. jumped 3.56% on BSE on 20th September as the entire banking sector manages to outperform broader indices.
During Tuesday's intraday trade the stock set a new 52-week high at ₹1,275.80 surpassing its previous high of 1,250 marked on Friday.
In the last one week, IndusInd bank shares surged from ₹1,145 to 1,268.75, generating a return of over 10.80 percent. The stock returned 19.25 percent in the last month, which is 12.43 percent higher than the Nifty bank, which returned 6.82 percent in the same period.
Further, In the last six months, the stock has shown a growth of 38.79%.
On September 19th, Indusind Bank disclosed through filings with BSE that an interest payment will be due on Tier 2 Bonds and Infrastructure Bonds issued by the Bank in the quarter running from October 1 to December 31, 2022.
Sumant Kathpalia was reappointed as managing director and chief executive officer for a further three years on September 16th, subject to the approval of the RBI, by the board of directors of the bank during its meeting.
On the strength of lower provisions and increased net interest income, private sector lender IndusInd Bank announced a 61% year-over-year (y-o-y) increase in its net profit for the June quarter to $1,631 crore.
The company's overall provisions for the three months ending in June were 1,251 crore, a 30% decrease from the same period previous year. The lender also recorded a net interest income (NII) of 4,125 crore in Q1 FY23, up 16% year over year. This figure represents the difference between interest earned and expenditure.
Established in 1994, IndusInd Bank has a market capitalization of ₹97903.17 Cr. The firm recorded gross sales of Rs. 308224.42 Cr and total income of Rs. 382194.88 Cr for the most recent quarter.
An average of 43 analysts polled by MintGenie have a 'buy' call on the stock.
