IDBI Bank shares hiked over 4 per cent intraday on Thursday post the state-owned lender sold 6.75 lakh shares of National Stock Exchange (NSE). In a release, IDBI Bank reported that it has sold 1.5 per cent stake in NSE to TIMF Holdings yesterday. Previously in March, IDBI Bank had sold 9 lakh shares in NSE, including 2 per cent equity shares, to LIC for an undisclosed amount. The stock has underperformed the broader Nifty for last one year because of its huge bad loans. Including today's gains the stock has risen only 3 per cent as compared to 13 per cent gain in the Nifty in last one year.
On 22nd Sept, IDBI share price opened at Rs. 75.50 and was quoting above 4 per cent at Rs.74.45. Throughout the entire trading session around 66,50,669 shares exchanged hands with a traded value of Rs. 4,970.71 against its against its average volume for 20 days which stands at 8902026. The scrip touched its 52-week high value at Rs. 95.70 on 3rd Dec ’15 whereas the 52 week low value stands at Rs. 47.25 on 12th Feb ‘16
In another news, IDBI Bank's proposed Qualified Institutional Placement (QIP) issue has gained lukewarm interest from investors, government will now consider other options like follow on public offer and strategic sale in order to reduce its stake in the lender. As per Finance Ministry sources, they have never mentioned that QIP is the only route. Though investors had shown their interest in QIP previously, but right now there is not much hype.
IDBI is among the top 500 performing stocks for this quarter, out of the 1700 stocks listed on NSE, as analyzed by Dynamic Levels’ analysts. The closest support and resistance level of IDBI share price is seen at Rs. 71.10 and Rs. 80.80.
For further details, refer to IDBI share price forecast.
Good one! Thanks for sharing.
ReplyDeletePublic Sector Undertaking
Bombay Stock Exchange
IRCTC IPO
Jio Infocomm Limited