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IndusInd Bank stock rises 10% as promoters to buy additional shares

IndusInd Bank stock rises 10% as promoters to buy additional shares

Share price of IndusInd Bank rose 9.73% intraday to Rs 463.5 on BS. At 1:00 pm, the share was trading 7% or Rs 30 higher at Rs 452.30

Share price of  IndusInd Bank opened 7.68% higher at Rs 455 against previous close of Rs 422.55 on BSE Share price of IndusInd Bank opened 7.68% higher at Rs 455 against previous close of Rs 422.55 on BSE

IndusInd Bank share price rose 10% today after its promoters said they would buy additional shares from the open market. Share price of IndusInd Bank rose 9.73% intraday to Rs 463.5. Earlier, shares of IndusInd Bank opened 7.68% higher at Rs 455 against previous close of Rs 422.55 on BSE. The large cap stock was top gainer on Sensex. Share price of IndusInd Bank has gained 10.79% in the last 2 days. However, it has lost 70% since the beginning of the year and fallen 70.34% in the last one year.

IndusInd Bank share price currently trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. Market cap of the firm rose to Rs 31,619 crore. Total 13.47 lakh shares changed hands amounting to turnover of Rs 61.36 crore. On Nifty, the share gained 9.71% to  Rs 463.70 compared to the previous close of Rs 422.35.

At 1:00 pm, the share was trading 7% or Rs 30 higher at Rs 452.30. The stock was among the top gainers on Nifty. Promoters of the lender IndusInd International Holdings Ltd. and IndusInd Ltd, presently hold 14.68 percent of the paid-up share capital.

The promoters will now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap, the bank said citing the communication received from promoters.

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In Q4 of last fiscal, the lender reported net profit of Rs 315 crore for the March quarter, down 12.2% year-on-year against Rs 360.10 crore in the same period last year. Company's profit declined 75% sequentially as compared to Rs 1,309 crore recorded in the previous quarter.

IndusInd Bank's capital adequacy ratio (CAR) stood at 15.04% at the end of the March quarter, compared to 14.16% in a year-ago period. Lender's net interest margin rose 4.25% in Q4FY20 as against 3.59% recorded in the corresponding period last year.

IndusInd Bank shares erase early gains, fall over 2% on rating downgrade by Moody's

On a quarterly basis, the bank's gross NPAs rose 12.4% to Rs 5,146.74 crore as compared to Rs 4,578.43 crore in the previous quarter. Meanwhile, its net NPAs fell 13.2% QoQ to Rs 1,886.58 crore from Rs 2,173.3 crore.

Bank's total provisions rose 56% to Rs 2,440 crore in the March quarter from Rs 1,560 crore on a yearly basis. The bank has not declared any dividend out on profit for FY20, as per the filing.

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