52-week high alert: Multibagger stock delivers stellar Q1 business updates; do you own it?
The stock has achieved exceptional multibagger returns of 187 per cent over the last three years.
The shares of IndusInd Bank Limited witnessed an impressive upswing on July 05, 2023, as its shares soared by an astounding 2.38 per cent. The stock hits new 52-week high Rs 1413.55 per share on BSE. The scrip witnessed a massive spurt in volume of my more than 1.81 times.
Meanwhile, the Sensex concluded the day with a marginal decrease of 0.05 per cent below the 65,500 level, while the Nifty closed marginally higher by 0.05per cent above the 19,300 level.
The lender's net advances increased by 21 per cent to Rs 3.01 lakh crore in the first quarter of FY24, compared to Rs 2.47 lakh crore in the same quarter last year. Advances increased 4 per cent sequentially.
Deposits increased 15 per cent year on year to Rs 3.47 lakh crore and 3 per cent sequentially. Retail deposits and small company deposits totaled Rs 1.5 lakh crore as of June 30, up from Rs 1.4 lakh crore as of March 31, 2023.
Furthermore, the lender's CASA (current account and savings account) ratio fell to 39.9 per cent in Q1, the lowest in 24 quarters, from 43.2 per cent the previous quarter.
On July 4, IIHL reported that its board of directors had approved an appraisal of up to $1.5 billion, allowing it to grow its shareholding in IndusInd Bank from 15 per cent to 26 per cent. This move is intended to provide financial support for Reliance Capital's acquisition.
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Under the Banking Regulation Act of 1949, IndusInd Bank Limited was established in 1994 as a commercial bank. The bank is publicly traded and offers a wide range of banking products and financial services to corporate and retail clients, as well as treasury services. The bank has operations in India, including International Financial Service Centres.
The company has attracted significant buying interest due to its outstanding returns of over 69 per cent in the past year, and it has achieved exceptional multibagger returns of 187 per cent over the last three years, further solidifying its position and trust among investors.