IndusInd bank sizzles due to tie up with Lodhia Auto Industries

IndusInd bank on Wednesday was the biggest gainer amongst the BSE Bankex constituents, inching marginally ahead of ICICI Bank  by gaining 4.91 percent on closing basis. ICICI Bank was up by 4.48 percent on Wednesday when the markets shut for trading.

Lohia Auto Industries announced IndusInd bank as its preferred financier for financing its diesel three wheelers. IndusInd bank will offer retail finance at attractive rates to the consumers of Lohia auto, thus helping both the entities to increase their customer base.

Ayush Lohia, MD & CEO, Lohia Auto Industries said ,"A huge segment of customers will benefit by this alliance. This partnership will also help both the Lohia Auto Industries and IndusInd Bank in increasing the number of customers, thus enabling widening of the market for the products".

IndusInd bank a leading player in three wheeler finance will be able to offer loans at attractive rates through its wide branch network all over India. IndusInd Bank so far has financed 6.55 lac three wheelers since 2005. Every year IndusInd bank finances almost 90,000 three wheelers. IndusInd Bank has a strong network of 1,000 branches and 1,800 ATMs spread across 623 geographies in India as on  March 31, 2016.

Broader markets set the trend for trading sessions for majority of stocks on Wednesday as the global markets rallied on reports that 'BREXIT' may not happen and that the interest rate cut in US may not happen in the month of June atleast. Sensex gained 2.2 percent and shut shop at 25,881. While the Bankex inched up by almost 3.17 percent and closed at 19,296.