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

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.

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"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.

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