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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Reduce IndusInd Bank, target price Rs 850: ICICI Securities
IndusInd Bank with an unchanged target price of Rs 850. The current market price of IndusInd Bank is Rs 678.55. IndusInd Bank, incorporated in 1994, has a market cap of Rs 52628.84 crore.
IndusInd Bank's key products/revenue segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2024.
Financials For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 15155.80 crore, up 1.91% from last quarter Total Income of Rs 14871.25 crore and up 8.50% from last year same quarter Total Income of Rs 13968.17 crore. The bank has reported net profit after tax of Rs 1402.33 crore in the latest quarter.
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IndusInd Bank has communicated a preliminary one-time hit of ~2.35% of net-worth on its derivative portfolio. ICICI Securities pegs the pre-tax hit at ~Rs 20bn?21 billion. IndusInd mentioned that these derivative positions pertain to foreign currency deposits/borrowings conversion and not to any lient/industry exposure. Since 1 Apr?24, the bank has stopped internal hedging, post which, around Sep?24, it identified the discrepancies. The hit is likely to be routed through P&L in Q4FY25, which in the brokerage's view, could severely dent reported profitability; may even report a loss in Q4FY25. I-Sec recently downgraded the stock to REDUCE on the curtailed term extension of the incumbent MD & CEO. They believe the discrepancies reflect poorly
Read on economictimes.indiatimes.comThe same topic in other media
Crisil holds off on rating watch for IndusInd Bank, awaits external agency's findings on derivatives discrepancies economictimes.indiatimes.com / 1 year ago
IndusInd Bank shares in focus after Ashok Hinduja says no fresh capital sought; calls it an ‘opportune time’ for promoters to raise stake economictimes.indiatimes.com / 1 year ago
What's behind the fiasco at IndusInd Bank? economictimes.indiatimes.com / 1 year ago
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