IndusInd Bank shares surge following Nomura upgrade
IndusInd Bank's stock shot up nearly 6% on Wednesday after Nomura upgraded it to "buy" and raised its target price to ₹1,050 (up from ₹700).
This comes after a rough patch for the bank—its shares were down nearly 17% this year, but have started bouncing back with a 7% rise in the last month.
Nomura's upgrade reflects renewed confidence in the bank
Nomura's move signals fresh confidence in IndusInd Bank.
The bank tackled old governance and accounting issues by making a one-time provision of ₹53 billion, and there's a leadership change planned for next year.
Right now, the stock looks attractively priced compared to its book value.
Stock may be worth your radar
Analysts expect IndusInd's profits to improve as credit costs drop and its retail business grows.
The RBI has also recognized the bank's recovery efforts, which is helping boost investor trust.
If you're watching banking stocks or thinking about investing, this turnaround story might be worth your radar.