IndusInd Bank jumps on entering into partnership with Tata Power Renewable Energy
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IndusInd Bank is currently trading at Rs. 1055.55, up by 17.30 points or 1.67% from its previous closing of Rs. 1038.25 on the BSE.
The scrip opened at Rs. 1036.25 and has touched a high and low of Rs. 1062.00 and Rs. 1030.55 respectively. So far 152624 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1694.35 on 15-Jan-2024 and a 52 week low of Rs. 1018.50 on 29-Oct-2024.
Last one week high and low of the scrip stood at Rs. 1285.65 and Rs. 1018.50 respectively. The current market cap of the company is Rs. 82300.62 crore.
The promoters holding in the company stood at 16.36%, while Institutions and Non-Institutions held 69.06% and 14.57% respectively.
IndusInd Bank has entered into strategic partnership with Tata Power Renewable Energy (TPREL), one of India's leading renewable energy companies and a subsidiary of Tata Power, to facilitate accessible and affordable solar financing for Micro and Small Enterprises (MSEs), thereby promoting widespread solar energy adoption amongst MSEs.
This alliance will provide MSEs with collateral-free solar financing, by offering loans ranging from Rs 10 lakh to Rs 2 crore. These loans, contingent on the bank's credit approval, require a 20% margin and come with competitive interest rates, offering terms of up to 7 years.
IndusInd Bank has been rampant in sustainability financing, especially with the projects in solar energy financing, including the launch of Indus Solar rooftop loans. This collaboration with Tata Power will accentuate the focus on providing customized financial solutions for rooftop solar installations. The bank enables businesses to optimize costs, enhance efficiency, and showcase their commitment to a sustainable future.
TPREL has already facilitated more than Rs 4200 plus crore financing for solar rooftop installation through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs, to boost solar adoption in India.
IndusInd Bank is one of the fastest-growing banks in the banking sector in India.
