The shares of IndusInd Bank were the top gainers on Sensex and Nifty after the private lender reported a strong loan and deposit growth for the September quarter. The stock of IndusInd Bank rose 5.38 per cent to Rs 1218.3 against the previous close of Rs 1156.10 on the BSE.
The stock went up to 5.42 per cent on the Nifty to hit a new high of Rs 1218.95. It was the top gainer on the stock index. IndusInd Bank shares were trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In a year, the stock of IndusInd Bank has increased by 8.19 per cent and 36.46 per cent in 2022. The stock gained 10.02 per cent in a month. The firm's share exchange changed hands with a turnover of Rs 10.79 crore on the BSE, with total 0.89 lakh shares of the firm changing hands.
ALSO READ: IndusInd Bank's net profit went up 64% to Rs 1,603 cr in Q1 FY 23; NII was up 16%.
The bank's market cap rose to 94,149 crore. The stock almost reached its 52 week high of 1,275 with today's rally. The bank said its advances increased 18 per cent year-on-year YoY and 5 per cent quarter-on-quarter QoQ Advances were at Rs 2,59, 647 crore as of September, against Rs 2,20, 808 crore a year ago. Deposits climbed 15 percent YoY from Rs 2,75, 473 crore in the September 2021 quarter to Rs 3,15, 824 crore as of September 2022.
Retail deposits and deposits from small business customers were valued at 1,29, 895 crore as of September 30 against 1,24, 102 crore as of June 30, the company said in a regulatory filing.
In a report, global brokerage Jefferies said that we believe that loan growth is driven by an increase in retail loan growth and MFI that also make better margins. Motilal Oswal Financial Services said that the bank continued to report a strong pick-up in loan growth and we expect these trends to remain healthy, which is likely to support margins. With continued focus on Retail deposits, the deposit franchise is growing strongly, with a focus on ramping up of deposits. The improvement in asset quality, particularly in the MFI Restructuring book, and CV demand outlook will be a key monitorable aspect. In a report dated October 4th, it gave a target price of 1,156 for the lender.