Nomura upgrades IndusInd Bank to buy, sees 30% upside; shares rally 4%

IndusInd Bank shares rose up to 3.9% after Nomura upgraded the stock to ‘buy and raised its price target by 50% to Rs 1,050, citing improved governance, a cleaned-up balance sheet, and a stronger earnings outlook. The new target implies a 30% upside. Nomura also noted the banks efforts to resolve legacy issues and improve transparency.