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Shares of IDBI Bank has rallied 8% to Rs 85 on the National Stock Exchange (NSE) in otherwise weak market on back of heavy volumes.
The trading volumes on the counter jumped more than three-fold with a combined 12.3 million shares changed hands till 1353 hours against sub 4 million shares that were traded daily in past two weeks on the NSE and BSE.
In past five trading sessions, the stock of public sector lender has 13% from Rs 75 on April 09, 2015 after IDBI Bank and Life Insurance Corporation of India (LIC) entered into a memorandum of understanding (MoU) to implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) for savings bank account holders of the bank. The CNX Nifty was down 1.4% during to the same period.
PMJBY, a life insurance scheme, is one of the three schemes announced by the Hon’ble Finance Minister in the Union Budget for the year 2015-16. The scheme offers life insurance cover of Rs.2 lakh to the bank account holders in the age group of 18-50 years at an annual premium of Rs.330 plus service tax. The insurance cover will be available up to 55 years, IDBI Bank said in a statement.
The trading volumes on the counter jumped more than three-fold with a combined 12.3 million shares changed hands till 1353 hours against sub 4 million shares that were traded daily in past two weeks on the NSE and BSE.
In past five trading sessions, the stock of public sector lender has 13% from Rs 75 on April 09, 2015 after IDBI Bank and Life Insurance Corporation of India (LIC) entered into a memorandum of understanding (MoU) to implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) for savings bank account holders of the bank. The CNX Nifty was down 1.4% during to the same period.
PMJBY, a life insurance scheme, is one of the three schemes announced by the Hon’ble Finance Minister in the Union Budget for the year 2015-16. The scheme offers life insurance cover of Rs.2 lakh to the bank account holders in the age group of 18-50 years at an annual premium of Rs.330 plus service tax. The insurance cover will be available up to 55 years, IDBI Bank said in a statement.
