IndusInd Bank shares rallied 4% to a 52-week high of Rs 1,443.40 in early trade, sustained by the lender’s healthy earnings for the April-June quarter. Most brokerages, too, applauded for their healthy financial data that assisted in boosting investor sentiment.

At 9:20 am, IndusInd Bank traded 3.2% higher at Rs 1,435 on the NSE.
The private sector lender sent a net profit of Rs 2,124 crore for the April-June quarter, up 33% from Rs 1,631 crore clocked a year ago. The bottom line was also in-line with Rs 2,127 crore.

Total quarterly income also grew 28% YoY to Rs 12,939 crore, backed by an 18% rise in net interest income of Rs 5,863 crore, up from Rs 4,125 crore last year. NII also topped a projection of Rs 4,821.7 crore.

The bank’s asset quality remained healthy as gross non-performing assets (NPA) mounted at 1.94%, down from 1.98% last quarter. Its net NPA tumbled to 0.58% from 0.59% sequentially.

Foreign brokerage firm Morgan Stanley studied the price target for the stock to Rs 1,800 and reserved its ‘overweight’ rating.

Citi lifted the target price to Rs 1,630 along with a ‘buy’ tag. The broker acclaimed its financial stability and vigorous growth in advances. It is also positive on the management’s sureness in planning a Cycle 6 strategy aimed at 18-23% credit growth.

JP Morgan gave the stock a ‘neutral’ rating but raised the target to Rs 1,250.
Domestic brokerage Nuvama Institutional Equities promoted the stock to a ‘buy’ with a price of Rs 1,620.