The stock zoomed to a high of Rs 129 and finally settled at Rs 127, up over 2.5% from its previous close. The counter clocked volumes of 4.92 million shares as compared to its two-week daily average traded volumes of 4.41 million shares on the BSE. ______________________________________________
(Updated at 1134hrs)
IDBI is up 3.4% at Rs 128 on news that it intends to slash the auto loan rates by over 300 basis points and home loan rates by 25 basis points.
The public sector lender has designed a new auto loan scheme for the festival season, ranging from October to December. The bank will charge a fixed rate of 8.5 per cent for the first year.
A far as the home loan rates are concerned, the bank will reduce the rates to 8.75 per cent for loans up to Rs 30 lakh, from the current 9 per cent. The rates would be 9 per cent for loans from Rs 30-50 lakh. Loans exceeding Rs 50 lakh would attract an interest rate of 9.25 per cent.
The stock of IDBI opened at Rs 124 and has touched a high of 129 and a low of Rs 123 thus far.