IDBI Bank gains after board approves part or whole sale of stake in CARE

IDBI Bank rose 1.46% to Rs 72.10 at 12:00 IST on BSE after the bank said that its board has approved the sale of bank's part or whole shareholding of 48.18 lakh shares in Credit Analysis & Research in one or more lots.

The bank made announcement after market hours yesterday, 29 December 2014.

Meanwhile, the S&P BSE Sensex was down 32.07 points or 0.12% at 27,363.66.

On BSE, so far 2.5 lakh shares were traded in the counter as against average daily volume of 4.59 lakh shares in the past one quarter.

The stock hit a high of Rs 73 and a low of Rs 72 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 52.95 on 30 January 2014.

The stock had outperformed the market over the past one month till 29 December 2014, declining 1.86% compared with Sensex's 4.52% fall. The scrip had also outperformed the market in past one quarter, rising 13.59% as against Sensex's 3% rise.

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

IDBI Bank's net profit fell 38.4% to Rs 118.49 crore on 7% rise in total income to Rs 7610.52 crore in Q2 September 2014 over Q2 September 2013.

The Government of India holds 76.5% stake in the bank as at 30 September 2014.

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