IDBI Bank bucks trend in weak market; zooms 51% in one month

The stock surged 14% to Rs 91.50, hit a fresh 52-week high on the NSE in intra-day trade on back of heavy volumes

IDBI Bank hit a fresh 52-week high of Rs 91.50, up 14% on the National Stock Exchange (NSE) in intra-day trade, extending its past one month rally, after the credit rating agencies revised the upwards outlook of the bank to stable from negative.

In past one month, the stock of state-owned bank has zoomed 51% from Rs 60.40, as compared to 2.8% decline in the Nifty 50 index.

CRISIL on February 6, 2018 revised its outlook on the Tier II bonds (under Basel III), Infrastructure bonds, Lower Tier II bonds (under Basel II), Omni bonds, Flexi bonds, Upper