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

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ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
MURTAZA KHORAKIWALA TO NDTV: CANNOT COMMENT ON SUB JUDICE MATTER
WOCKHARDT TO PAY BACK ALL SECURED, UNSECURED LOANS IN 5 YRS AS PER CDR
DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

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.