Daiwa Capital Markets America: Daiwa Capital Markets: Upgrade IndusInd bank to 'buy', 12-month TP Rs 1,730

The bank benefitted from reduction in corporate tax rates. While it also had to provide for repricing of its deferred tax assets (DTA), it brought down the tax rate to 25.6% in 2Q FY20 from 34% in 1Q FY20.