Business Today
Loading...

IndusInd Bank share gains over 9% intra day, here's why

IndusInd Bank stock rose 9.16% to Rs 619.75 on Nifty in afternion session

twitter-logoBusinessToday.In | August 27, 2020 | Updated 13:47 IST
IndusInd Bank share gains over 9% intra day, here's why
IndusInd Bank stock trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

Share price of IndusInd Bank gained over 9% in trade today after the private sector lender said  it witnessed a three-fold rise in digital account openings from pre-COVID-19 levels and plans more investments in the digital channel. IndusInd Bank share price rose 8.97% intraday to Rs 619 against previous close of Rs 568 on BSE.

IndusInd Bank stock has gained 15.19% in the last 4 days.

The large cap stock was top gainer on Sensex and Nifty. On Nifty, the stock rose 9.16% to Rs 619.75. The stock trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

However, it has lost 60.74% since the beginning of the year and fallen 57.19% in the last one year.

Market cap of the bank rose to Rs 42,050 crore. In one month, the share has gained 17%.

Total 20.88 lakh shares changed hands amounting to turnover of Rs 124.59 crore.

IndusInd Bank buys 7.82% stake in Eveready; invokes pledged shares

"Digital has been a saviour during the pandemic and it is not just a new normal," the private sector lender's Chief Digital Officer Sudhakar Ramasubramanian said.

Customers are mainly opening savings and fixed deposit accounts, he added.There has been a tremendous amount of inflow into fixed deposits, Ramasubramanian said, talking about the trends seen in the banking industry.

In first quarter of current fiscal, the lender reported a 68%  fall in Q1 net profit. Q1 earnings came above expectations as analysts at the ICICI Securities expected profit to fall 83.5 per cent year-on-year (YoY) to Rs 236.8 crore.

The lender reported standalone net profit at Rs 460.64 crore in Q1, due to jump in provisioning. The bank recorded a net profit of Rs 1,432.50 crore in the same quarter previous fiscal. The bank's standalone total income was up at Rs 8,680.92 crore in April-June quarter, compared to Rs 8,624.62 crore in the same period last year, IndusInd Bank said.

Deal with Mukesh Ambani's Reliance not even final, but Future Enterprises stock already up 42%

Share Market News Live: Sensex rises 170 points, Nifty at 11,600; Tata Motors, SBI, M&M, HDFC top performers  

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close