IndusInd Bank share price: Buy IndusInd Bank, target price Rs 700: Edelweiss

Edelweiss has given a buy rating to IndusInd Bank with a target price of Rs 700.

IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 47288.49 Crore).

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 5098.95 Crore (.00 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 1703.37 Crore (.00% of total assets). For the quarter ended 30-06-2020, the company reported a Consolidated Interest Income of Rs 6066.00 Crore, down 2.53 % from last quarter Interest Income of Rs 6223.42 Crore and up 5.43 % from last year same quarter Interest Income of Rs 5753.84 Crore. The bank reported net profit after tax of Rs 510.34 Crore in latest quarter.

Investment Rationale
The stock is forming an inverse head and shoulder pattern on the daily timeframe with its breakout level near Rs 640. Stock is now witnessing a volatility contraction which is often followed by a big move.

Promoter/FII Holdings
Promoters held 13.5 per cent stake in the company as of June 30, 2020, while FIIs held 47.8 per cent, DIIs 15.2 per cent and public and others 23.6 per cent.

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