ICICI Securities has given Buy recommendation for IndusInd Bank recommended buy rating on the stock with a target price of Rs 1420 in its resear with a target price of Rs. 1420 in its research report issued on Mar 12, 2022

ICICI Securities research report on IndusInd Bank

Our interaction with the management of IndusInd Bank (IIB) suggests that the macro uncertainties / volatility amidst current geopolitical situation and prolonged supply disruption may pose some risk to financing demand in gems/jewellery (Russia accounts for ~30% of global diamond output) and vehicle financing (due to rise in fuel prices). Nonetheless, with disbursements reaching pre-covid levels in most retail products, revival in MFI disbursement and encouraging growth in corporate lending will lead growth towards IIB’s 2-year credit growth target of 16- 18%. With respect to MFI portfolio, independent review findings are in line with affirmations made earlier and incremental provisioning impact is a mere 5% PPoP/loans, >1.8% RoAs and 15% RoEs by FY23E.

Outlook

Maintain BUY with an unchanged target price of Rs1,420.

More Info

At 16:01 hrs IndusInd Bank was quoting at Rs 906.15, up Rs 4.65, or 0.52 percent.

It has touched an intraday high of Rs 913.65 and an intraday low of Rs 892.25.

It was trading with volumes of 162,265 shares, compared to its thirty day average of 261,152 shares, a decrease of -37.87 percent.

In the previous trading session, the share closed down 0.29 percent or Rs 2.65 at Rs 901.50.

The share touched its 52-week high Rs 1,241.85 and 52-week low Rs 811.10 on 28 October, 2021 and 19 April, 2021, respectively.

Currently, it is trading 27.03 percent below its 52-week high and 11.72 percent above its 52-week low.

Market capitalisation stands at Rs 70,195.09 crore.

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