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IndusInd Bank stock rises 4% after Goldman Sachs Singapore buys 4.1 million shares

IndusInd Bank stock rises 4% after Goldman Sachs Singapore buys 4.1 million shares

Share price of IndusInd Bank rose 4.17% intraday to Rs 441. Earlier, shares of the private lender opened flat at Rs 424.10 on BSE

IndusInd Bank share price currently trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages IndusInd Bank share price currently trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages

IndusInd Bank share price rose over 4% in early trade today after Goldman Sachs Singapore bought 41,00,000 shares of shares of the private sector lender. The transaction was worth Rs 176 crore. Share price of IndusInd Bank rose 4.17% intraday to Rs 441.8. Earlier, shares of IndusInd Bank opened flat at Rs 424.10 on BSE.

Share price of IndusInd Bank has risen 8.47% in three days. The stock touched an intra day low of Rs 413, down 2.56%. However, it has fallen over 34.76% in one month and 71% since the beginning of the year. It has lost 76% in the last one year.

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IndusInd Bank share price currently trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. However, the large cap stock has gained 9.43% in one week.

In a separate development, the lender said it has been working with the government and its agencies across several states as well as at the national level, in their efforts to fight against the COVID 19 pandemic. IndusInd Bank has committed Rs 30 crore towards this cause and is monitoring the requirements closely.

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Earlier this month, the lender posted a 12.6% year-on-year rise in net advances to Rs 2,09,914 crore as of March 31, 2020, as against Rs 1,86,393 crore in a year-ago period. The lender reported 1% monthly jump from Rs 2,07,413 crore recorded as of December 31, 2019. The bank's deposits rose 3.8% y-o-y to Rs 2,16,713 crore from Rs 1,94,868 crore. However, they declined 6.7% on a quarterly basis.

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