IndusInd Bank stocks plunged nearly 4 per cent in early trade today despite healthy second quarter earnings with steady operating performance across all key metrics. The stock quoted a price of Rs 1,167 apiece to emerge as the top Nifty Nifty50 loser at 10:20 AM.

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The bearish sentiment in the private lender came as domestic equity markets reversed course after four days of gains. The benchmark indices Sensex and Nifty began the trade on a bearish note today following weak global market trends and continuous foreign fund outflow. 

The counter had closed at Rs 1,218.40 a piece on the day it announced its Q2 results. It was 0.40 per cent lower on the BSE as against gains of 0.25 per cent on the benchmark.

However, it has given a positive return of 28.93 per cent this year. 

Meanwhile, brokerage firm Motilal Oswal has given a 'buy' call for IndusInd with a target price of Rs 1,450. Several other brokerages have given a 'buy' call.

Earlier on Wednesday, IndusInd reported a 57 per cent jump in its September quarter net profit at Rs 1,805 crore, helped by a reduction in money set aside as provisions for potentially sour loans.

The private sector lender reported an 18 per cent growth in the core net interest income at Rs 4,302 crore on the back of an 18 per cent loan growth and the net interest margin widening to 4.24 per cent as against 4.07 per cent in the year-ago period.

Amid the 'war on deposits' in the system, the bank was able to grow its deposit book by 15 per cent during the second quarter of the current fiscal.

Its Managing Director and Chief Executive Sumant Kathpalia said the bank will grow its overall loans by 18-20 per cent during the fiscal, and is also confident of growing its deposit base in a granular way by industry-beating offerings.

The other income grew 9 per cent to Rs 2,011 crore during the September quarter, of which the core fee income grew 24 per cent.

The bank is aiming to grow the mortgage book to Rs 1,000 crore by the end of FY23 as it tests the waters to increase the same to more than Rs 10,000 crore by FY24, Kathpalia said.

The bank's overall capital adequacy ratio stood at 18.01 per cent as of September 30 and it will not be looking at raising funds for up to a year, Kathpalia said. 

The 52-week high of the scrip was Rs 2,038 on August 3, 2018 and its all-time low was Rs 235.55 March 24, 2020.