Indusind Price: The share of this private bank rose by 4 percent, know what is the reason

Indusind Bank Nifty Top Gainers Today: IndusInd Bank of the private sector saw a rise of about 4 percent in intraday on Friday. Weakness was seen in Nifty and Bank Nifty during this period. Nifty was down by 225 points, or 1.01 percent, around 17645. On the other hand, Nifty Bank has been around 40985 with a weakness of 0.54 percent.

IndusInd Bank has informed that Sumant Kathpalia has been re-appointed as MD and CEO (CEO) of the bank for a period of 3 years. Due to this, the stock has been at the level of Rs 1234 with an increase of Rs 38.15 or 3.19 percent on NSE today.

This bank remained on the red mark
On the other hand, other big private banks like HDFC Bank, ICICI Bank, Axis Bank were seen in the red mark. IndusInd Bank says that this appointment of Sumant Kathpalia will be effective from 24 March 2023 and he will remain in his post till 23 March 2026. The approval of RBI and the shareholders of the bank is yet to be taken on this reappointment. Sumant Kathpalia was appointed as MD and CEO of the bank on 1st March 2020. Kathpalia has fulfilled his responsibility well in the Kovid Pandemic and has played an important role in the business of the bank.

Bank’s assets improved
The bank’s assets have improved a lot during Kathpalia’s tenure. In the quarter ended March 31, 2021, the gross NPA of the bank was at 2.67 percent and the net NPA was at 0.69 percent. In the quarter ended March 31, 2022, the gross NPA of the bank has come down to 2.27 percent and the net NPA has come down to 0.64 percent. The bank’s return on assets has also improved in the same period and it has increased from 1.03 per cent in March 2021 quarter to 1.28 per cent in March 31, 2022 quarter.

1300 target found
Brokerage house Prabhudas Lilladher has greatly appreciated the role of Sumant Kathpalia. Sumant Kathpalia has made a significant contribution in the bank business. For which Prabhudas Lilladher has given a target of Rs 1300 for this while giving a buy call to IndusInd Bank.

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