In its latest research report, Nirmal Bang, an equity research firm said that Indusind Bank can give good returns in the short term.

The report further stated that huge delivery based volume seen in the counter, this counter has been trading in the narrow range of Rs 66-79, and it has broken the range with huge volumes in today’s session.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price that lies between Rs 94-105.

Besides, the report has also suggested a support level of Rs 73 for the scrip.

Today (June 18), the shares of the bank opened at Rs 78.95 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 4.18 and 18.82 respectively. The share price has seen a 52-week high of Rs 87 and a low of Rs 26.20 on BSE.

For the quarter ended March 31, 2009, the bank has posted a substantial growth in its standalone net profit.

The bank’s net profit during the period rose 3.50 times to Rs 505.20 million as against Rs 144.50 million during the corresponding period of the last year.

During the quarter, the bank’s interest income surged 16.80% to Rs 6,138 million, whereas total income during the period increased 32.50% to Rs 7,831.20 million.

The bank reported earnings of Rs 1.42 per share during the quarter.

For the year ended Mar. 31, 2009, the company’s board has announced a dividend of 12%.

IndusInd Bank also launched its Online Remittance product ``Indus Fast Remit`` a remittance platform that will help US based NRIs to send funds back into the country, in a convenient manner.

The service makes transfer of money possible from any bank account in the US to any bank account in India.