IndusInd Bank hit a new high of Rs 1,841, up 2%, surpassed its previous high of Rs 1,818 recorded on September 12, 2017 on the BSE in intra-day trade.
The stock has outperformed the market by gaining 15% from its recent low of Rs 1,595 on February 21, after the private sector lender said it has no direct credit exposures to Nirav Modi nor any indirect credit exposures basis the LOUs issued by the Punjab National Bank. As regards Gitanjali Gems, the Bank has a small, two digit exposures, not linked to any LOUs, it added.
Meanwhile, on March 13, IndusInd Bank said the Reserve Bank has approved the merger of Bharat Financial Inclusion with the bank. The stock of Bharat Financial Inclusion hit a fresh 52-week high of Rs 1,121, gaining 5% during the period.
Analysts at Anand Rathi Share and Stock Brokers has ‘buy’ rating on the stock with a target price of Rs 1,984 per share as the brokerage firm expects the bank to maintain stable asset quality over FY19-20, aided by its well-diversified loan mix.
IndiGo hit a 52-week high of Rs 1,377, up 3.6%, extending its previous day’s 3% gain, after the media report suggested that budget carrier will be able to bid solo for Air India’s 76% stake, while other domestic airlines will have to form a consortium to meet the net worth criteria stipulated by the government. The stock rallied 13% from its recent low of Rs 1,215 hit on March 19, as compared to 1% rise in the benchmark index.
Dilip Buildcon rallied 7% to Rs 1,186, hitting a new high on the BSE in intra-day trade today. The stock of highway builder was up for the eight straight trading days, surging 23% after the company winning multiple orders from the National Highway Authority of India (NHAI).