Buy IndusInd Bank With Stop Loss Of Rs 220
Rakesh Gandhi, Senior Technical Analyst, LKP has maintained 'buy' rating on IndusInd Bank Limited stock with a stop loss of Rs 220.
The stock of the bank, on March 07, marked its closure at Rs 241.45 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 309.30 and a low of Rs 155.95 on BSE.
Current EPS & P/E ratio stood at 10.83 and 22.69 respectively.
Mr. Gandhi said, "The bank has recovered above its exponential 200 days moving average and I feel that it is trying to stay above that, so this is one stock that one should look at buying and if it is brought for a trading purpose one can buy with a stoploss of Rs 220 at this point of time."
Indusind Bank has registered an increase of 74.76% in the net profit for the three month period ended Dec 2010.
During the period under review, the bank's profit remained at Rs 1.54 billion from Rs 880.40 million during same period of last year.
Bank's total income surged 35.64% to Rs 11.11 billion for Oct-Dec quarter.
Besides, Mahindra & Mahindra has inked a MoU with IndusInd Bank (IBL).
As per MoU, the banking institution will be one of the favored financiers for the complete array of vehicles sold by the auto giant and also cover passenger and commercial vehicle finance to their clients.