Buy IndusInd Bank, target price Rs 1365: Motilal Oswal Financial Services

Motilal Oswal Financial Services has buy call on IndusInd Bank with a target price of Rs 1365. The current market price of IndusInd Bank is Rs 1321.9. Motilal Oswal Financial Services recommended to keep stop loss at Rs 1280.

IndusInd Bank, incorporated in the year 1994, is a banking company (having a market cap of Rs 102495.76 Crore).

IndusInd Bank 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-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 12174.31 Crore, up 5.55 % from last quarter Total Income of Rs 11533.89 Crore and up 24.67 % from last year same quarter Total Income of Rs 9764.91 Crore. The bank has reported net profit after tax of Rs 2043.44 Crore in latest quarter.

Investment Rationale
Bullish engulfing on daily frame with good volumes and strong buying in the sector.

Promoter/FII Holdings
Promoters held 16.5 per cent stake in the company as of 31-Mar-2023, while FIIs owned 42.16 per cent, DIIs 26.38 per cent.