India Ratings & Research (Ind-Ra) has upgraded IndusInd Bank (IBL) long-term issuer rating to 'AA+' from 'AA'. The outlook is stable.

The agency has also upgraded IBL's Rs 1.15 billion (reduced from Rs 2.9 billion) subordinated Lower Tier 2 bonds to 'AA+' from 'AA' and its Rs 3.08 billion subordinated Upper Tier 2 bonds to 'AA' from 'AA-'. Ind-Ra has affirmed IBL's Short-Term Issuer Rating at 'A1+'. 

Shares of the bank gained Rs 4.05, or 0.46%, to trade at Rs 880. (9.15 a.m,Tuesday).