Block deal boost for IDBI

DALAL STREET SPIKES

The share price of the Industrial Development Bank of India (IDBI) spurted to a 52-week high on the back of buying interest and a couple of block deals.

The stock gained 8.61 per cent to Rs 89.55, before hitting a 52-week high of Rs 90.40 in morning trades. The counter witnessed a volume of over 1.08 crore shares on the Bombay Stock Exchange.

The IDBI counter witnessed two block deals aggregating 20 lakh shares "" one on the BSE and the other on the NSE "" at around Rs 84 per share.

The counter was among the top three in terms of turnover on the BSE, registering a volume of more than shares. On the NSE the counter registered a volume of more than 2.2 crore shares.

Strong gains in IDBI rubbed on the IDBI Bank stock, which gained 5.68 per cent in a subdued market. The counter witnessed a volume of more than 7.39 lakh shares on the BSE.

Both the stocks are in the limelight of late with IDBI Bank merging with IDBI.