Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘Buy’ rating on Indusind Bank to achieve an intraday target between Rs 95.10-Rs 110.10.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 85.80-Rs 80.20 with a strict stop loss of Rs 76.

The shares of the company, on Tuesday (June 23) closed at Rs 89.50 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 4.18 & 20.59 respectively. The share price has seen a 52-week high of Rs 91.35 and a low of Rs 26.20 on BSE.

Mr. Vasudeo said that the scrip is ready to hit another 52-week in 1-2 trading sessions. So, traders are suggested to buy the stock at this level to make decent gains.

For the three month period ended March 31, 2009, Indusind bank has posted a substantial growth in its standalone net profit.

During the quarter, the bank’s net profit surged 3.50 times to Rs 505.20 million as compared to Rs 144.50 million in the same period of the last fiscal.

During the period under review, interest income of the bank surged 16.80% to Rs 6,138 million, whilst total income zoomed up 32.50% to Rs 7,831.20 million.

The bank’s EPS during the quarter stood at Rs 1.42 per share.

For the twelve month period ended March 31, 2009, the bank’s directors declared a dividend of 12%.