The worst index performer of last year’s Covid crisis has emerged as a strong re-rating candidate, as a second wave of the virus wreaks havoc in the country, threatening to trigger a fresh shutdown of the economy.

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IndusInd Bank’s Street-beating March quarter numbers impressed analysts, who now see up to 50 per cent upside in the stock. A conducive environment for private banks to grow at an accelerated pace has also helped its cause.
Analysts have turned bullish on the lender, as they believe it has worked on asset quality, one of the key concerns that haunted the stock all through last year. IndusInd Bank’s gross NPA ratio settled lower at 2.7 per cent in Q4 against 2.9 per cent in Q3 in line with the trend seen at its larger peers.