IDBI Bank extends recent gains

IDBI Bank surged 8.06% to Rs 75.75 at 15:24 IST on BSE, with the stock extending recent gains on follow-up buying.

Meanwhile, the S&P BSE Sensex was down 269.19 points or 0.91% at 29,193.08

On BSE, so far 23.98 lakh shares were traded in the counter as against average daily volume of 4.60 lakh shares in the past one quarter.

The stock hit a high of Rs 78.40 and a low of Rs 70.55 so far during the day. The stock hit a 52-week high of Rs 116.50 on 9 June 2014. The stock hit a 52-week low of Rs 55.50 on 28 February 2014.

The stock had underperformed the market over the past one month till 19 February 2015, falling 6.72% compared with 4.25% rise in the Sensex. The scrip also underperformed the market in past one quarter, falling 3.04% as against Sensex's 5.1% rise.

The large-cap bank has equity capital of Rs 1603.96 crore. Face value per share is Rs 10.

Shares of IDBI Bank are on a roll recently, gaining 13.99% in five trading days from recent low of Rs 66.45 on 12 February 2015.

IDBI Bank's net profit fell 1.1% to Rs 102.79 crore on 11% rise in total income to Rs 7935.99 crore in Q3 December 2014 over Q3 December 2013.

The Government of India holds 76.5% stake in the bank as at 31 December 2014.

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