IndusInd Bank gains after receiving RBI approval to set up IFSC banking unit in GIFT city

IndusInd Bank rose 0.14% to Rs 954.10 at 15:25 IST on BSE after the bank said it has received approval from the Reserve Bank of India to set up an International Financial Services Centre in Gujarat International Finance Tec City.

The bank made announcement during market hours today, 5 August 2015.

Meanwhile, the S&P BSE Sensex was up 147.18 points or 0.52% at 28,219.11.

On BSE, so far 49,619 shares were traded in the counter as against average daily volume of 1.16 lakh shares in the past one quarter.

The stock hit a high of Rs 961.95 and a low of Rs 949.50 so far during the day. The stock had hit a record high of Rs 988.50 on 31 July 2015. The stock had hit a 52-week low of Rs 534.15 on 8 August 2014.

The stock had outperformed the market over the past one month till 4 August 2015, gaining 6.52% compared with Sensex's 0.07% decline. The scrip had also outperformed the market in past one quarter, gaining 13.13% as against Sensex's 2.11% gain.

The large-cap private bank has equity capital of Rs 582.76 crore. Face value per share is Rs 10.

IndusInd Bank's International Banking Unit (IBU) will provide the bank access to international financial markets and will allow IndusInd to deliver a complete range of products to its clients with foreign currency funding requirements. The bank will now be able to actively offer products such as external commercial borrowings to its customers an area where it had limited capabilities hitherto. The bank through this banking unit will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers.

IndusInd Bank's net profit rose 24.7% to Rs 525.04 crore on 20% rise in total income to Rs 3447.84 crore in Q1 June 2015 over Q1 June 2014.

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