IndusInd Bank share rises over 3% after CLSA raises target price

IndusInd Bank share rose over 3% in trade today after brokerage CLSA retained buy call and raised target price on the private sector lender.

The stock has gained 2.51% in the last 2 days. The large cap stock touched an intraday high of Rs 1,060.45, rising 3.57% against previous close of Rs 1,023 on BSE.

The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The stock has gained 15.12% in one year and risen 16.57% since the beginning of this year.

Market cap of the bank stood at Rs 80,582 crore. CLSA raised the target to Rs 1,325 from Rs 1,100 per share earlier.

CLSA said the private bank reported a transformative journey in the last two years. It has been debulking corporate book and increasing granularity of liabilities.

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The global research firm said COVID-19 asset quality hit has been less than expected. CV, MFI and gems portfolio has held up better than expected while the liability side remains a work-in-progress.

"The bank's dependence on bulky fee streams has fallen in the last two years while high-yielding retail assets should support overall profitability," it added.

Stock Market Updates Today: Sensex rises 270 pts, Nifty at 15,170; Tech Mahindra, Axis Bank, Bajaj Finance, IndusInd Bank top gainers

Meanwhile, Sensex and Nifty were trading higher in afternoon session amid positive global cues. While Sensex gained 273 points to 51,297, Nifty rose 75 points to 15,174. Tech Mahindra, Axis Bank,Bajaj Finance, IndusInd Bank were the top Sensex gainers rising up to 2.53%. Of 30 Sensex stocks, 23 were trading in green.