IndusInd Bank share rises over 7% ahead of Q3 earnings

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Share of private sector lender IndusInd Bank rose over 7% intra day ahead of its Q3 earnings set to be announced later in the day. The stock touched an intraday high of Rs 860.5, rising 7.21% against previous close of Rs 802.60 on BSE.

The share opened with a gain of 2.04% at Rs 819 today. The stock has gained after 5 days of consecutive fall. The large cap share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages. The stock has lost 32.4% in one year and fallen 5% since the beginning of this year.

It trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

Market cap of the firm rose to Rs 64,412 crore. The share ended 5.97% higher at Rs 850.55 on BSE.

In Q2 of the current fiscal, net profit halved to Rs 663 crore and the private sector lender hinted of more pain in the offing saying provisions may go up in the future.

On a consolidated basis, the lender”s net profit declined to Rs 663.08 crore in the September quarter from Rs 1,400.96 crore in the same period a year ago.

Core net interest income grew 13 per cent to Rs 3,278 crore on the back of a 0.06 per cent expansion in Net Interest Margin (NIM) to 4.16 per cent and a 2 per cent loan growth. NIM, however, declined by 0.12 per cent when compared with the preceding quarter.