Buy IndusInd Bank, target price Rs 1020: Kotak Securities

Kotak Securities Limited has buy call on IndusInd Bank with a target price of Rs 1020. The current market price of IndusInd Bank Ltd. is Rs 988.95. Time period given by analyst is Intra Day when IndusInd Bank Ltd. price can reach defined target.

IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 76633.55 Crore).

IndusInd Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 9614.34 Crore, up 1.33 % from last quarter Total Income of Rs 9488.06 Crore and up 8.18 % from last year same quarter Total Income of Rs 8887.28 Crore. The bank reported net profit after tax of Rs 1241.55 Crore in latest quarter.

Investment Rationale
The range breakout along with decent volume activity suggests a new leg of upside movement.

Promoter/FII Holdings
Promoters held 16.52 per cent stake in the company as of 31-Mar-2022, while FIIs owned 46.33 per cent, DIIs 21.84 per cent.