Citi has a buy call on the stock and has raised target to Rs 1,300 per share. The firm has also raised FY22/FY23 estimates by 3 percent each and is one of the research firm’s preferred pick in the sector.
IndusInd Bank | As of February 3, the stock was trading at Rs 975.00, which is still 38 percent away from its 52-week high of Rs 1345.95.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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IndusInd Bank share price gained a percent at open on February 18. Global research firm Citi has a buy call on the stock and has raised target to Rs 1,300 per share. The firm has also raised FY22/FY23 estimates by 3 percent each and is one of the research firm’s preferred picks in the sector, according to a CNBC-TV18 report.
The stock was trading at Rs 1,046.50, up Rs 13.90, or 1.35 percent. It has touched an intraday high of Rs 1,051.00 and an intraday low of Rs 1,038.35.
The Hinduja Group bank is expected to get a capital boost from promoters by February 18 after a successful rights issue in which they have raised Rs 2,021.45 crore.
The rights issue was necessitated to infuse residual capital into the bank in lieu of conversion of warrants issued to them in 2019 worth over Rs 2,695 crore into equity.
In the just-concluded rights issue by one of the promoters, lnduslnd International Holdings (IIHL), the latter has paid a significant premium over the prevailing market price at Rs 1,709 apiece to redeem 75 percent warrants.
The private sector lender had issued convertible warrants to promoters – IndusInd International Holdings (IIHL) and its subsidiary IndusInd (IL) – on July 6, 2019, for a total amount of Rs 2,695.26 crore against 1,57,70,985 warrants.
Earlier 25 percent warrants were subscribed to in July 2019 on payment of Rs. 673.8 crores, amounting to 25 percent of the offer price of Rs. 1709/-.This would lead to IIHL shoring up additional equity of 1.7 percent in lnduslnd Bank thereby bringing Promoter Equity to 15 percent on a diluted basis, the bank said.
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