The Hinduja Group, India’s largest conglomerate, operates the country’s fifth-largest private bank by market capitalization and it is the first bank to go live on RBI’s Account Aggregator Framework.
IndusInd Bank Limited shares climbed almost 1.5 percent in the first half session on Tuesday, reaching an all-time high price of Rs 1,394. The company has a market capitalization of Rs 1,06,897 crores. The company board approved raising funds to increase the promotor’s stake in the bank.
As per reports, The company’s board of directors approved financing up to $1.5 billion, increasing its ownership stake in IndusInd Bank from 15% to 26%. The approval of a fund-raise of up to $1.5 billion, or Rs 12,300 crore, assists in the completion of Reliance Capital’s acquisition. According to prior reports, IIHF was the sole bidder for Reliance Capital, paying Rs 9,650 crore. The acquisition would strengthen IIHL’s standing in the banking industry.
IndusInd Bank is a bank that provides a wide variety of banking products and financial services to corporate and retail clients, as well as treasury services, and the bank has implemented multi-channel infrastructure technologies to serve commercial clients.
The stock has experienced positive movement in the last year with a return of 65.64 percent, ranging from Rs 832.
According to the previous quarter’s consolidated financials, their interest income climbed by 6% from Rs 9,457 crore in Q3 to Rs 10,020 crore in Q4. Similarly, net profit grew in Q4 from Rs 1,963 crore to Rs 2,043 crore.
The interest earned by the company grew by 18% year on year, from Rs 30,822 crore in FY 21-22 to Rs 36,367 crore in FY 22-23. Within the specified time period, net profit grew by 55%, from Rs 4,805 crore to Rs 7,443 crore.
As per the shareholding pattern of FY22-23, promoters own 16.5 percent of the firm, while foreign institutional investors own 42.16 percent and domestic institutional investors own 27.03 percent.
Written by Omkar Chitnis
