IDBI Bank jumped 17.4% to Rs 69.85 at 14:51 IST on BSE after finance minister reportedly said that the government is working out ways to give more operational freedom to state-run banks and hinted at IDBI Bank being one of the first test cases.
Meanwhile, the S&P BSE Sensex was down 48.56 points or 0.19% at 26,170.35
On BSE, so far 36.96 lakh shares were traded in the counter as against average daily volume of 4.90 lakh shares in the past one quarter.
The stock hit a high of Rs 70.45 and a low of Rs 59.35 so far during the day. The stock had hit a 52-week low of Rs 52.45 on 25 August 2015. The stock had hit a 52-week high of Rs 84.80 on 17 April 2015.
The stock had underperformed the market over the past one month till 18 September 2015, falling 15.12% compared with 5.09% fall in the Sensex. The scrip also underperformed the market in past one quarter, falling 3.72% as against Sensex's 3.31% decline.
The mid-cap bank has equity capital of Rs 1603.96 crore. Face value per share is Rs 10.
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Axis Bank is the model where through various government instrumentalities, there is a major shareholding that the government has, but the government maintains an arm's length distance and it is a bank which has done remarkably well, finance minister Arun Jaitley reportedly suggested over the weekend. The government may allow IDBI to follow a model similar to that of Axis Bank, Arun Jaitley reportedly said.
The case of IDBI Bank is in some ways similar to Axis Bank where the government and government institutions have significant shareholding, but the bank functions as a private sector lender, reports indicated.
IDBI Bank's net profit rose 27.3% to Rs 135.18 crore on 9.3% growth in total income to Rs 7903.37 crore in Q1 June 2015 over Q1 June 2014.
The Government of India held 76.5% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2015).
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