South Indian, IDBI Bank gain up to 14%; hit multi-yr highs post Q3 results

IDBI Bank surged 14% to hit over five-year high of Rs 86.97; while South Indian Bank hit a fresh six-year high of Rs 33.70 on soaring 9% backed by heavy volumes.

Shares of South Indian Bank (SIB) and IDBI Bank surged up to 14 per cent, hitting their respective multi-year highs on the BSE in Wednesday’s intra-day trade after the banks reported strong earnings for the quarter ended December 2023 (Q3FY24).

Shares of IDBI Bank hit over five-year high at Rs 86.97, as they surged 14 per cent on back of over two-fold jump in trading volumes. The stock of LIC-controlled bank quoted at its highest level since March 2018.

In past three days, the stock has zoomed 25 per cent after the bank on Saturday reported a 57 per cent year-on-year (YoY)