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IndusInd Bank stock top gainer on Sensex, Nifty; climbs 17% in three sessions as promoters to buy additional shares

Aseem Thapliyal     June 10, 2020

The news of promoters buying additional shares in IndusInd Bank has fired up the private sector lender's stock. The share has gained 17.5% or Rs 78 in last three sessions. The share was the top gainer on Sensex and Nifty today. On Nifty, the stock surged 10% or Rs 46.35 to close at Rs 510.25 against previous close of Rs 463.90.

On Sensex, IndusInd Bank closed 7.93% or Rs 36.80 higher at Rs 500.70 against previous close of Rs 463.90. On June 5, the stock closed at Rs 422.55 on BSE. On June 7 (Sunday), the lender in late night release announced that promoters would now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap.

Promoters of the lender IndusInd International Holdings Ltd and IndusInd Ltd  hold 14.68 percent of the paid-up share capital.

The share closed 6.88% higher at Rs 451.65 on June 8 (Monday). Volume of shares traded on BSE in the same session stood at 20.97 lakh. It rose 10% intra day to Rs 463.65 in the same session.

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On Tuesday, the stock closed 2.71% higher at Rs 463.90. The volume traded for the second consecutive session stood above 20 lakh on June 9. Total 23.53 lakh shares changed hands on the same day.

In today's session, the stock hit Rs 500.70 mark with volume of the shares traded on BSE rising to 23.96 lakh. During the day, the share rose 10% intra day to Rs 510.25. The share stands 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 bank climbed to Rs 34,726 crore.  IndusInd Bank share has gained 112% from its 52 week hit of Rs 235.60  hit on March 24, 2020. The stock touched its yearly high of Rs 1601 on June 12, 2019. It has lost 67% during last one year and fallen 66.85% since the beginning of this year.

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