IndusInd Bank share price gains as Nomura raises target

IndusInd-Bank

IndusInd Bank share price rose 1 percent in the morning trade on December 16 after research house Nomura maintained a buy and raised the target to Rs 1,750 from Rs 1,575 per share.

Nomura said the asset side strength should offset its weakness of liabilities and expect ROEs at 18-19% over FY21-22.

The current valuation at 2.1x Dec-21 book seems reasonable to us, it said.

Credit Suisse has maintained outperform with a target at Rs 1,800 per share.

It expect ROEs to improve to 20% in FY21.

The company is confident on the healthy medium-term growth outlook and aims to double the non-vehicle retail book over three years, Credit Suisse said.

At 1109 hours, IndusInd Bank was quoting at Rs 1,498.30, up Rs 11.35, or 0.76 percent, on the BSE.

The share touched its 52-week high of Rs 1,835 on March 28, 2019, and 52-week low Rs 1,192 on October 11, 2019.
It is trading 18.35 percent below its 52-week high and 25.7 percent above its 52-week low.

News Source:- Moneycontrol

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