IndusInd Bank share price has appreciated to the tune of nearly 2.5 per cent in the intraday trade session on strong deposit growth and advances reported by the state-owned bank yesterday. According to the stock market experts, IndusInd Bank shares can go up to Rs 670 to Rs 700 per share mark in a mere one-month period from its current Rs 616 levels. They said that one should buy IndusInd Bank shares at between Rs 600 to Rs 615 for the target price mentioned above.

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Speaking on the fundamentals supporting IndusInd Bank share price rally, Jaikishan Parmar, Sr. Equity Research Analyst at Angel Broking said, “Indusind Bank reported provisional numbers for Q2FY21. Deposit grew at 10% YoY & 8% QoQ. Advance grew at 2% YoY & 1% QoQ. On the deposit front, IndusInd Bank did a bit better than advance growth compared to the historical trend. CASA deposit marginally improved sequentially by 30bps to 40.4%, however, YoY declined by 100 bps. The Investor would like to have better clarity on the moratorium book and the possibility of fresh slippages. Indusind Bank currently trades at 1.3x of trailing net worth. Guidance on slippages from the moratorium book and asset quality will be key for re-rating in Q2FY21 results.”

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On IndusInd Bank share price target in one month, Sumeet Bagadia, Executive Director at Choice Broking said, "Entire banking sector is bullish due to the recent news in regard to Government of India submitting affidavit in the Supreme Court to waive-off compound interest accrued during the EMI moratorium period. This means neither bank nor loan borrower will bleed because the central government is going to shed this burden. Since IndusInd Bank has reported strong quarterly numbers too, the banking stock is expected to rally at a faster rate and one should buy IndusInd Bank shares in between Rs 615 to Rs 600 mark maintaining the stop loss below Rs 600 for the target of Rs 670 to Rs 700 in one month time-horizon."