IndusInd Bank share gains after LIC gets RBI nod to raise stake; Sharekhan expects 40% upside

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The private sector lender said the RBI has given the green light to LIC to increase its holding in the bank up to 9.99 percent

IndusInd Bank

IndusInd Bank

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IndusInd Bank share price edged higher at the open on December 10 after the Reserve Bank of India approved LIC to raise its stake in the bank.

The stock was trading at Rs 957.50, up Rs 11.20, or 1.18 percent, at 9:19am. It touched an intraday high of Rs 966.60 and an intraday low of Rs 956.30.

Private sector lender IndusInd Bank, on December 10, said the Reserve Bank of India (RBI) has given the green light to Life Insurance Corporation of India (LIC) to increase its holding in the bank up to 9.99 percent. The state-run insurer holds 4.95 percent in IndusInd Bank now.

“The bank has received an intimation from the RBI on December 9 that it has granted its approval to LIC, which holds 4.95 percent of the total issued and paid-up capital of the bank, to acquire up to 9.99 percent,” IndusInd Bank said.

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Brokerage firm Sharekhan has maintained ‘buy’ on the stock with a target of Rs 1,340 per share, an upside of 40 percent from current market price. “The bank continued its Digital 2.0 strategy and the Q2 witnessed launch of new initiatives. The management is confident of clocking a 16-18 percent loan growth as the COVID-19 scenario normalises,” it said.

“The stock trades at 1.4x/1.3x/1.1x its FY2022E/FY2023E/FY2024 book value, which is reasonable. We maintain a ‘buy’ on the stock with an unchanged price target of Rs 1,340 per share,” it said.

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