This private bank stock topped MFs’ shopping list in October, do you own it?

IndusInd Bank was among the top purchases by mutual fund houses in October as robust earnings of the lender bolstered outlook for growth in the current financial year.

The stock has given the best returns year-to-date within the private sector banking pack. It has gained 30% so far in 2022.

The bank was among the top purchases of DSP Mutual Fund, Franklin Templeton MF, IDFC MF, Edelweiss MF, and HDFC MF, data showed.



In value terms, HDFC MF added IndusInd Bank shares worth Rs 378 crore, followed by DSP MF at Rs 80 crore and Franklin Templeton MF at Rs 73 crore.

Among Nifty50 stocks, IndusInd Bank was in fact, the most purchased stock, data showed.

Brokerages like the bank for its strong retail portfolio and the steady improvement in asset quality.

“IndusInd 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,” Motilal Oswal Securities said in its report.

According to Trendlyne, IndusInd Bank has an average 12-month target price of Rs 1,298.47. The consensus estimate represents an upside of about 13% from the current traded price of Rs 1,152.95.

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