IndusInd Bank slides on profit taking after 10% surge in two days

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INDIA VICTIM OF TERRORISM FROM ACROSS BORDERS FOR THE LAST 25 YEARS
EDUCATION, HEALTH CARE SECTOR NEED MORE REFORMS
FDI INFLOWS OVER $120 BN SINCE 2001-02
GROWTH ESTIMATED AT 6.5% THIS FISCAL, TO WIND DOWN FISCAL STIMULUS NEXT YR
INDIA'S ECONOMY NOW MORE OPEN TO TRADE AND INVESTMENT
ECONOMY TO GROW ESTIMATED 6.5% THIS FISCAL
INDIA TO WIND DOWN FISCAL STIMULUS NEXT YEAR
TO LAUNCH A 3 SCREEN MULTIPLEX IN KANPUR
OCT STEEL SALES UP 38% AT 4.62 LAKH TONNES VS 3.35 LAKH TONNES (YOY)
OCTOBER CRUDE STEEL PRODUCTION UP 22% AT 599,000 TONS (YOY)
OCTOBER SAW THE BEST EVER PRODUCTION IN MOST UNITS
SMS BOS < space > stock query at 56388
CRUDE FALLS 2.6% TO $77.43 BBL
COPPER DOWN TO $6490/TON ON WEAK DEMAND AND US UNEMPLOYMENT DATA
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CO TO LAUNCH ITS 3 SCREENS MULTIPLEX IN KANPUR
DOW JONES UP 0.17%; NASDAQ UP 0.34%; S &P 500 UP 0.25%
RCOM LOSES 0.1%, SHEDS 23.5 LAKH SHARES IN OPEN INTEREST
IDEA LOSES 5.2%, ADDS 30.6 LAKH SHARES IN OPEN INTEREST
ASHOK LEYLAND GAINS 4.9%, ADDS 32.4 LAKH SHARES IN OPEN INTEREST
NIFTY CLOSES JUST BELOW 4800 AFTER A GAP UP OPENING
STRONG AT $1095/OZ AS SAFETY MEASURE POST RISE IN U.S UNEMPLOYMENT DATA
U.S UNEMPLOYMENT DATA AT 26 YEAR HIGH;CRUDE FALLS 2.6% TO $77.43 BBL
SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388

Updated: 09/07/2009 | 12:00 AM IST

Banking

Capital Market

Thursday, July 09, 2009 (New Delhi)

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Meanwhile, the BSE Sensex was up 64.32 points, or 0.47%, 13,833.47.

On BSE, 12.45 lakh shares were traded in the counter. The stock had an average daily volume of 10.69 lakh shares in the past one quarter.

The stock hit a high of Rs 87 and a low of Rs 81 so far during the day. The stock hit a 52-week high of Rs 94.60 on 29 June 2009 and a 52-week low of Rs 26.20 on 6 March 2009.

The stock had risen 10.48% in just two trading sessions to Rs 83.25 on 8 July 2009 from Rs 75.35 on 6 July 2009. The stock had surged 7.14% to Rs 83.25 on Wednesday, 8 July 2009 after the bank posted robust Q1 June 2009 numbers during trading hours on that day.

The mid-cap bank stock had outperformed the market over the past one month till 8 July 2009, rising 19.70% as compared to the Sensex's 8.98% fall. It had also outperformed the market in the past one quarter, surging 120.53% as compared to the Sensex's return of 27.45%.

The bank's current equity is Rs 355 crore. Face value per share is Rs 10.

The current price of Rs 82.50 discounts the bank's Q1 June 2009 annualized EPS of Rs 9.74, by a PE multiple of 8.47.

IndusInd Bank's net profit galloped 352.9% to Rs 86.50 crore on 37.44% rise in operating income to Rs 801.58 crore in Q1 June 2009 over Q1 June 2008.

The net profit zoomed on the back of sharp rise in other income and interest income.

The private sector plans to raise funds upto $100 million through qualified institutional placement (QIP). This may dilute 10-15% of the bank's equity.

The bank's gross non-performing assets (NPA) declined 44.10% to Rs 241.09 crore in the Q1 June 2009 over in Q1 June 2008. The ratio of gross NPAs declined to 1.46% as on 30 June June 2009 from 3.22% as on 30 June 2008. The net NPAs as of 30 June 2009 was at 1.01%, much lower than 2.41% as on 30 June 2008.

In the Union Budget 2009-2010 announced on Monday, 6 July 2009, the government did not announce any sops for the banking sector. Banks were anticipating to get tax relief on interest earned on infrastructure lending in the Union Budget 2009-2010.

IndusInd Bank provides banking services. It operates under four segments: treasury, corporate / wholesale banking, retail banking and other banking. It involves in accepting deposits, providing loans, financing and other related services in treasury to consumers and industries.