IDBI Bank gains as board approves stake sale in NSDL

IDBI Bank rose 1.11% to Rs 59.35 at 10:28 IST on BSE after the bank said its board approved sale of 7% of its equity held in National Securities Depository.

The announcement was made after market hours yesterday, 6 December 2017.

Meanwhile, the S&P BSE Sensex was up 152.78 points or 0.47% at 32,749.96.

On the BSE, 1.14 lakh shares were traded on the counter so far as against average daily volumes of 4.49 lakh shares in the past one quarter. The stock had hit a high of Rs 60 and a low of Rs 59.15 so far during the day. The stock had hit a 52-week high of Rs 86.50 on 6 February 2017 and a 52-week low of Rs 50.25 on 14 August 2017.

The stock had underperformed the market over the past one month till 6 December 2017, sliding 8.91% compared with the Sensex's 3.36% fall. The stock had, however, outperformed the market over the past one quarter, gaining 7.2% as against the Sensex's 2.95% rise. The scrip had underperformed the market over the past one year, declining 13.78% as against the Sensex's 23.51% rise.

The large-cap bank has equity capital of Rs 2642.49 crore. Face value per share is Rs 10.

IDBI Bank said that its board of directors, approved the sale of 28 lakh equity shares of National Securities Depository (NSDL) constituting 7% of its total paid up equity capital held by IDBI Bank.

IDBI Bank reported net loss of Rs 197.84 crore in Q2 September 2017 as against net profit of Rs 55.52 crore in Q2 September 2016. Total income declined 1.1% to Rs 8297.60 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 77.79% stake in IDBI Bank (as on 6 October 2017).

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