IndusInd Bank up 5%, recovers after brokerages reaffirm faith

Morgan Stanley is ‘overweight’ on the IndusInd Bank stock with a target price of Rs 1,525 a share. Jefferies has a ‘buy’ call on the stock

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Shares of IndusInd Bank shrugged off nerves after risk officer’s resignation and rallied 5 percent today after brokerages reaffirmed their faith in the bank. At 11:49 am, the stock was up 5.05 percent at Rs 1127. This came after the stock declined 5 percent on Friday on news of risk officer resignation.

IndusInd Bank’s net profit rose 50 percent to Rs 2,040 crore in the March quarter of FY23, the bank told exchanges on April 24. The board has also recommended a dividend at Rs 14 per share for the financial year 2022-23.

The net interest income (NII) of the lender came in at Rs 4,669 crore, up 17 percent from Rs 3,985 crore in the year-ago quarter.

Brokerage views

Morgan Stanley is “overweight” on the IndusInd Bank stock with a target price of Rs 1,525 a share. The firm believes that management changes are business as usual and is unlikely to have any significant impact on bank earnings.

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Jefferies has a “buy” call on the stock with a target price of Rs 1,550 per share. The firm does not see the resignation of the chief risk officer warranting the 5 percent correction that was seen on May 5. The bank has also reappointed its chief compliance officer as assurance officer.

 Stock Performance

The IndusInd Bank stock has lost 8 percent since the start of 2023, underperforming the sectoral benchmark Bank Nifty, which has given a return of 0.06 percent during the same duration.

The stock doesn’t fare too well on a five -year basis as well. IndusInd bank has lost 40.63 percent of its value over the last 5 years. The Bank Nifty, on the other hand, has given a return of 63.45 percent during the period.

At 11.49 am, the stock was up 5.05 percent on National Stock Exchange at Rs 1,127.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.