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IDBI Bank's market-cap crosses Rs 50,000 cr, stock surges 51% in 2 weeks
Posted on 2nd July 2020
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).

Other Latest News
Noida gets 400-bed Covid-19 hospital, CM Yogi Adityanath reviews facilities
Posted on 8th August 2020
Uttar Pradesh Chief Minister Yogi Adityanath on Saturday inaugurated a dedicated 400-bed government hospital for COVID-19 patients in Noida.

The facility is located in Sector 39 of the city and has come up in association with the Tata Trusts and the Bill and Melinda Gates Foundation, according to officials.

Gold price today at Rs 56,050 per 10 g; silver at record Rs 76,510 a kg
Posted on 8th August 2020
Gold prices today jumped to Rs 56,050 from Rs 55,350 per 10 gram, while silver climbed to Rs 76,510 from Rs 73,500 per kg, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

US election: China would love to have me lose to 'sleepy' Biden, says Trump
Posted on 8th August 2020
US President Donald Trump on Friday (local time) said that China would love to have an election if he lost to his sleepy Democrat presidential candidate Joe Biden.

China would love for us to have an election where Donald Trump lost to sleepy Joe Biden. They would dream (that) they would own our country. If Joe Biden was president, China would rule our country, he told reporters here.

Facebook builds 600 affordable homes to address housing crisis in US
Posted on 8th August 2020
Facebook has produced and preserved approximately 600 affordable homes near its headquarters in Menlo Park, California, of which roughly 70 per cent are reserved for extremely low and very low-income residents.

The company said it is on track to creating approximately 750 affordable homes by 2022.

Amazon, Flipkart set to witness business worth $600 mn during sale events
Posted on 8th August 2020
E-commerce companies Amazon and Flipkart are expecting to witness a total business of about $600 million during their ongoing sale events. This is at least 25 per cent higher in terms of sales compared to the business these firms would have generated for such small scale events during pre-Covid times, according to the industry insiders and analysts. They are also witnessing an increase in volumes (number of orders) which is 40 per cent higher than the normal times. Walmart-owned Flipkart is running the 5-day ‘Big Saving Days’ sale till Monday, coinciding with Amazon's 48-hour Prime Day sale which ended on Friday night.

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