Monday, August 10, 2020

IndusInd Bank gains for fourth straight day, comes close to 3-month high

Must read

Bollywood Filmmaker Shiv Panikker Launches Anime Comic Book – Gone Case

New Delhi, August 07, 2020. Source:Blue Rose Publishers Category:General Bollywood Filmmaker Shiv Panikker Launches Anime Comic Book - Gone...

Scale New Heights In This Epic Korean Action-Comedy With ‘Exit’ Premiering Only On &PrivéHD

Mumbai, August 07, 2020. When you feel you’re at an impasse in life, all it needs is the right...

AMAZON PRIME VIDEO STARTS THE NEW MONTH WITH BANDISH BANDITS

Mumbai, August 6, 2020. Amazon Prime Video commences the month of August with exceptional Indian and International titles across...

Indian Television Premiere of Psychotic Thriller ‘The Lodge’ only on &flix, &PrivéHD and Zee Cafe

Mumbai, August 5, 2020. Repent and all your sins will be forgiven! Directed by Veronika Franz and Severin Fiala, comes an extreme...

New Delhi, June 11, 2020.

Extending the gains into the fourth consecutive session, shares of IndusInd Bank ended 7.93 percent up at an almost three-month high of Rs 500.70 on BSE on June 10.

In the last four trading sessions, the stock has risen 21 percent. Experts attributed the rise to bottom-fishing along with technical factors.

“There is a technical trigger behind the rise in IndusInd shares. If we look at the monthly chart of the bank, we see it has given a narrow-range breakout because in the last two months it has not been able to surpass Rs 490-480 zone convincingly. The counter was beaten down too,” said Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Financial Services.

“A further 10-15 percent cannot be ruled out on the higher side, which can take it to Rs 530-540 kind of levels. There should be a stop loss of Rs 475 for the next one or two weeks,” Taparia said.

Rajesh Agarwal of AUM Capital said stocks like IndusInd, Bandhan Bank and RBL were beaten down in the last few months over asset-quality concerns. Now they were witnessing bottom-fishing.

In a regulatory filing on June 7, IndusInd Bank said its promoters wanted to buy more stake in the company.

“IndusInd International Holdings and IndusInd Ltd, promoters of IndusInd Bank, currently hold 14.68 percent of the paid-up share capital of the bank. We shall now purchase additional shares from the open market in India,” the filing said.

Promoters Hinduja Group has applied to the regulator (RBI) to raise their stake in the bank to 26 percent from 14.68 percent.

According to RBI norms, a bank needs to bring down its promoter shareholding to 40 percent in the first three years of operations. Thereafter, the promoter shareholding has to be reduced to 20 percent in 10 years and 15 percent in 15 years.

More articles

Latest article

Luke Coutinho Holistic Healing Systems to Integrate the Signature Happiness Course and Meditation and Breathing Practices by The Art of Living

Mumbai, August 10, 2020. Luke Coutinho Holistic Healing Systems, a company that focuses on integrative and preventive medicine, disease...

eMedicoz app wins Special Mention in PM Modi’s Innovation Challenge

New Delhi, August, 2020. eMedicoz app got listed in the Special Mention category in the   ‘Aatma Nirbhar Bharat...

Celebrations at The City Palace, Udaipur: ‘Grah Pravesh’ Ceremony Performed for New-born Grandson of Shriji Arvind Singh Mewar

Udaipur, August, 2020. On the auspicious occasion of Raksha Bandhan festival, celebrated as the Shravani Poornima, Shambhu Niwas Palace...

TekMonks launches globally successful work-from-home digital solutions in India

New Delhi, August 10, 2020. The COVID-19 pandemic has made Work-from-Home (WFH) and Study-from-Home, the new normal. The corporate,...

Indian Textile Industry Gears for Swiss Polymer Technology to Fight Coronavirus

Bengaluru, August 10, 2020. An innovative product has emerged in the Indian textile industry that promises to render viruses...
Live Updates COVID-19 CASES