This Banking Stock Gains More than 7% Today, To Pay A Dividend Of 85% Soon

IndusInd Bank Ltd. has made strong gains in trade today. The stock rose sharply by 7.82% to close at Rs 948 apiece. The current market capitalization of the private bank is Rs 73,487 crore. The stock is also scheduled to pay a final dividend of 85% or Rs 8.5 per share. The ex-dividend date is August 11, 2022 and the record date is 12 August, 2022.

The 52-week high of IndusInd Bank is Rs 1242 apiece and 52-week low is Rs 763 apiece. As the stock gained more than 7% today it is now 23% away from its 52-week low. The stock has given a return of 19% in 1 month and 15% in 1 week. In 3 years, the stock has fallen 33%.

The bank has registered rising net cash flow and cash from operating activity. The PE of the stock is 15.29 while the sector PE is 22.72. It has a dividend yield of 0.53%.

Motilal Oswal in its recent report on IndusInd Bank has suggested buying for a target price of Rs 1,300/share. If investors buy the stock of the IndusInd bank at the Current Market Price they could expect potential gains of 37% in 12 months, considering the estimated target price of the brokerage firm. Bank's operating performance on the track, earning gaining traction.

Bank reported a stable quarter, with PAT of R16.3b aided by higher other income as NII, Opex and provisions came in line in 1QFY23. Asset quality deteriorated QoQ due to slippages from the restructuring book.

IndusInd Bank is a universal Bank with a widespread banking footprint with over 2.5 crore customers, over 5,000 distribution points and nearly 2,000 branches across the country.