DCB Bank moves north on reports of brokerage rating

DCB Bank surged 5.14% to Rs 182.15 at 11:50 IST on BSE on reports that a domestic brokerage has maintained add rating on the stock for a target of Rs 190.

Meanwhile, the S&P BSE Sensex was up 243.84 points or 0.83% at 29,657.50. The S&P BSE Mid-Cap index was up 147.64 points or 1.03% at 14,534.71.

On the BSE, 4.06 lakh shares were traded on the counter so far as against the average daily volumes of 3 lakh shares in the past one quarter. The stock had hit a high of Rs 184.65 so far during the day, which is a record high. The stock hit a low of Rs 174.30 so far during the day.

The stock had hit a 52-week low of Rs 87.40 on 24 May 2016. It had outperformed the market over the past one month till 17 April 2017, advancing 6.13% compared with the Sensex's 0.79% fall. The scrip had also outperformed the market over the past one quarter, advancing 47.64% as against the Sensex's 8% rise.

The mid-cap bank has equity capital of Rs 285.36 crore. Face value per share is Rs 10.

Shares of DCB Bank had declined 3.56% to settle at Rs 173.25 yesterday, 17 April 2017, after the bank reported weak Q4 March 2017 results on Friday, 14 April 2017. The stock market was shut on that day for a holiday.

DCB Bank's net profit declined 24% to Rs 52.86 crore on 20.2% increase in total income to Rs 612.64 crore in Q4 March 2017 over Q4 March 2016. The bank's provisions and contingencies rose 24.5% to Rs 33.93 crore in Q4 March 2017 over Q4 March 2016.

DCB Bank is a new generation private sector bank with 262 branches across 18 states and 2 union territories.

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