 "IDBI Bank")
IDBI Bank rose 1.53 per cent to Rs 56.50 at 2.43 pm on BSE after the bank said that its board approved divesting bank's stake in SIDBI.
The announcement was made during trading hours on Friday. Meanwhile, the S&P BSE Sensex was up 26.97 points, or 0.09 per cent to 31,689.71.
On the BSE, 5.07 lakh shares were traded in the counter so far, compared with average daily volumes of 4.59 lakh shares in the past one-quarter. The stock had hit a high of Rs 57.15 and a low of Rs 54.10 so far during the day. The stock hit a 52-week high of Rs 86.50 on February 6, 2017. The stock hit a 52-week low of Rs 50.25 on August 14, 2017.
The stock had underperformed the market over the past one month till 7 September 2017, falling 0.80 per cent compared with 0.42 per cent decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.94 per cent as against Sensex's 1.28 per cent rise. The scrip had also underperformed the market in past one year, falling 26.39 per cent as against Sensex's 9.01 per cent rise.
The large-cap company has equity capital of Rs 2369.48 crore. Face value per share is Rs 10.
As on August 28 2017, IDBI Bank held 8.64 crore shares, or 16.25 per cent stake in Small Industries Development Bank of India (SIDBI).
Sidbi acts as the principal financial institution for the promotion, financing and development of the micro, small and medium enterprise sector and for co-ordination of the functions of the institutions engaged in similar activities.
IDBI Bank reported net loss of Rs 853.01 crore in Q1 June 2017 as against net profit of Rs 241.10 crore in Q1 June 2016. Operating income declined 18.1 per cent to Rs 6730.88 crore in Q1 June 2017 over Q1 June 2016.
The government of India holds 75.10 per cent stake in IDBI Bank (as on 14 August 2017).
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