IDBI Bank's market-cap crosses Rs 50,000 cr, stock surges 51% in 2 weeks
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IDBI Bank on Thursday entered the coveted Rs 50,000 crore market capitalisation club after its share price hit a fresh 52-week high on the BSE. The stock was locked in the upper circuit band for the seventh straight day, up 5 per cent at Rs 48.20. It has surged 51 per cent in the past two weeks on the BSE.
Following the sharp rally on the counter, the bank’s market capitalisation (market-cap) jumped to Rs 50,034 crore, higher by Rs 16,920 crore, from Rs 33,114 crore on June 18, 2020.
IDBI Bank stood at number 54th position in the overall market-cap ranking of listed companies, BSE data shows. Currently, IDBI Bank stands ahead of Punjab National Bank (market-cap of Rs 34,301 crore), IndusInd Bank (Rs 34,869 crore), and YES Bank (Rs 33,510 crore).
On Saturday, June 27, IDBI Bank said its board has approved a plan to offload 27 per cent stake in IDBI Federal Life Insurance at a combined value of Rs 595 crore. IDBI Bank has 48 per cent stake in IDBI Federal Life Insurance, which started operations in 2008. Federal Bank and its Dutch partner Ageas Insurance International NV have 26 per cent stake each.
Since June 1, the stock price of IDBI Bank has zoomed 137 per cent from the level of Rs 20.30 after the bank had reported a profit in the March quarter of FY20 (Q4FY20) after reporting losses for 13 straight quarters. The asset quality of the bank, which is under Prompt Corrective Action (PCA), showed an improvement in slippage during the fourth quarter.
The lender posted a profit before tax (PBT) of Rs 289.66 crore for the fourth quarter ended March 2020 on healthy rise in net interest income (NII) and a sharp drop in provisions and contingencies. The bank had posted a loss before tax of Rs 7,136 90 crore in the quarter ended March 2019 (Q4FY19).
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