Induslnd Bank gains on partnering with SunTec Business Solutions

IndusInd Bank Ltd. | Bank - Private | BFSI | BSE: 532187 | NSE: INDUSINDBK

31 Aug 2017 Evaluate

IndusInd Bank is currently trading at Rs. 1665.00, up by 7.35 points or 0.44% from its previous closing of Rs. 1657.65 on the BSE.

The scrip opened at Rs. 1660.00 and has touched a high and low of Rs. 1668.75 and Rs. 1649.80 respectively. So far 20047 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1690.00 on 29-Aug-2017 and a 52 week low of Rs. 1037.85 on 24-Nov-2016.

Last one week high and low of the scrip stood at Rs. 1690.00 and Rs. 1639.25 respectively. The current market cap of the company is Rs. 99218.51 crore.

The promoters holding in the company stood at 16.78%, while Institutions and Non-Institutions held 62.54% and 20.68% respectively.

Induslnd Bank has partnered with SunTec Business Solutions to facilitate in computing and invoicing of Debit Tax and Credit Tax. This partnership would be targeted to enable Induslnd Bank with a smooth transition with the various drafts of the GST Act and provide uninterrupted service to its customers. This announcement comes at a crucial juncture when India has just rolled out a historic reform on In July 2017- the GST Act -shedding a complex, multiple-tax system in favour of a simple, unified one.

SunTec's Xelerate for GST is uniquely designed to be an over-the-top (OTT) solution which easily integrates into Induslnd Bank's existing IT Landscape. This 'out-of-the-box' solution can be nimbly configured and will enable banks and financial institutions become GST ready. As a part of the agreement, for the computation of GST liability of the Bank, SunTec will help in analysing data from various sources for tax computation and invoking purposes including tax segregation, tax accounting, generating tax invoke and all process involved in data filing for return management.

As on March 31, 2017, IndusInd Bank has 1200 branches, and 2036 ATMs spread across 683 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi.

Indusind Bank Share Price

949.85 3.25 (0.34%)

08-May-2026 16:59 View Price Chart

Peers

Company Name	CMP
HDFC Bank	781.20
ICICI Bank	1264.80
Axis Bank	1269.40
Kotak Mahindra Bank	380.75
Indusind Bank	949.85
View more..

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