Buy IndusInd Bank With Target Of Rs 270
Technical Analyst Anu Jain has maintained 'buy' rating on IndusInd Bank Limited stock with a target of Rs 270.
Mr. Jain said that the stock can be purchased on dips with a stop loss of Rs 247.50.
The stock of the bank, on March 23, closed at Rs 253.95 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 309.30 and a low of Rs 165.40 on BSE.
Current EPS & P/E ratio stood at 10.83 and 23.74 respectively.
IndusInd Bank is eyeing to get hold of Deutsche Bank's credit card biz in India and hopes to settle the transaction by the coming weeks.
IndusInd Bank, together with Axis Bank, Dhanlaxmi Bank and Karnataka Bank expressed interest in acquirement of Deutsche Bank's credit card biz.
As a precursor to its foray in credit card biz, the banking institution has nominated Mr. Anil Ramachandran as the chief of its cards biz during November 2010.
Mr. Anil has already begun establishing the credit cards biz of the banking institution.
Indusind Bank has recorded an increase of 74.76% in its net profit for the three month period ended December 2010.
The bank's net profit during the period remained at Rs 1.54 billion as compared to Rs 880.40 million during the same period last year.