Sell IndusInd Bank, target price Rs 850: Motilal Oswal

Motilal Oswal has sell call on IndusInd Bank with a target price of Rs 850. The current market price of IndusInd Bank Ltd. is Rs 898.5.

IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 67632.19 Crore).

Financials
The Bank reported a Gross Non Performing Assets (Gross NPAs) of Rs 4532.15 Crore (.00 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 1055.81 Crore (.00% of total assets). For the quarter ended 30-09-2020, the company has reported a Consolidated Interest Income of Rs 5987.74 Crore, down -1.29 % from last quarter Interest Income of Rs 6066.00 Crore and up .66 % from last year same quarter Interest Income of Rs 5948.67 Crore. The bank reported net profit after tax of Rs 663.08 Crore in latest quarter.

Investment Rationale
Stock is near its 50 DMA and weekly structure has turned negative along with lower lows formation on daily scale.

Promoter/FII Holdings
Promoters held 13.5 per cent stake in the company as of June 30, 2020, while FIIs held 47.8 per cent, DIIs 15.2 per cent and public and others 23.6 per cent.