Nifty50 Top Gainer: IndusInd Bank’s Q2 Update Zooms Shares Over 5%

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Nifty50 Top Gainer: IndusInd Bank’s Q2 Update Zooms Shares Over 5%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the private sector lender IndusInd Bank (NS: INBK ) zoomed almost 6% in a strong market on Tuesday and were last seen trading 5.2% higher at Rs 1,216.05 apiece, approaching their 52-week high of Rs 1275.8 apiece.

The Mumbai-based lender was the top gainer on a shining Nifty50 index. The bank’s shares rallied after it posted its business update for the second quarter of the ongoing financial year. 

Its net advances rose 17.6% YoY, while loans continued to grow healthy, up 4.7% QoQ. Its deposits advanced by 14.6% YoY and 4.2% QoQ, with CASA deposits and retail deposits also rising at a similar rate, while the credit-deposit (CD) ratio improved by a whopping 82.2% during the July-September quarter.

Further, the bank’s loan growth surged 18% YoY and 5% QoQ in the quarter, led by an increase in its retail loan growth, also improving the lender’s margins. 

IndusInd Bank remains among the global brokerage Jefferies’ top stock picks in the banking sector, attracting a target price of Rs 1,330/share by the brokerage, which is an upside of almost 10% compared to the current price.

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