IndusInd Bank is the top gainer in todays trade; heres why!

On account of strong advances and deposit figures, the shares of IndusInd Bank are 3.32 per cent higher on July 4.

Markets are trading flat and slightly in the green. At 12:12 pm, NIFTY is up 0.1 per cent. However, Banks are performing relatively strong. BankNIFTY is trading 0.7 per cent higher. 

The shares of IndusInd bank are in momentum on July 4. At 12:12 pm, the stock is trading at Rs 834.3, up 3.32per cent for the day. The stock is in action due to good advances and deposit numbers disclosed by the bank in its recent regulatory filing. 

For the bank, the advances jumped by 18 per cent on a YOY basis at Rs 2.49 lakh crore, as against 2.1 lakh crore in Q1 for last year. The bank also shows growth in its deposit number by 13 per cent on a YOY basis at Rs 3.03 lakh crore compared to Rs 2.67 lakh crore in the first quarter of last fiscal. 

Due to improvement in its deposit figure, Bank’s CASA improved to 43.2 per cent as against 42.8 per cent and 42.1 per cent figures in the last quarter and first quarter of FY22, respectively. India ratings expected the bank to increase its retail deposits and reduce its borrowing cost by almost 1.5 per cent in FY23. 

 IndusInd Bank is one of the top private sector banks in India. The bank has strong institutional holdings, FIIs and DIIs both combined having a stake of more than 68 per cent in the bank. 

Today, the stock is trading above its Rs 830 resistance, which it broke in mid-June. If the stock continues trading above the resistance and flips it as a support; the stock can show great upside potential in the near term.