Espresso shot of the day – IDBI Bank Ltd up by 7.99 percent

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Espresso shot of the day – IDBI Bank Ltd up by 7.99 percent

October 01, 2021
Espresso shot of the day – IDBI Bank Ltd up by 7.99 percent

IDBI BANK LTD. 50.00 (+7.99 %) BSE – INE008A01015 | 1ST OCTOBER 2021


IDBI Bank Ltd., today, is operating as a full-service universal bank that serves the customers from all segments. IDBI Bank Ltd. has inherited a rich legacy from its predecessor entity—Industrial Development Bank of India—which was an apex Development Financial Institution (DFI) in the realm of industry from July 1, 1964, to Sept 30, 2004. As a DFI, the erstwhile IDBI stretched its canvas beyond mere project financing to cover an array of services that contributed towards balanced geographical spread of industries, development of identified backward areas, emergence of a new spirit of enterprise and the evolution of a deep and vibrant capital market. On Oct 1, 2004, the erstwhile IDBI was converted into a banking company —IDBI Ltd.—to undertake the entire gamut of banking activities while continuing to play its secular DFI role. Desirous of fuelling its business growth, IDBI Ltd. merged its subsidiaries – the erstwhile IDBI Bank, IDBI Home Finance Ltd., IDBI Gilts and the erstwhile United Western Bank Ltd. with itself over a period of time. IDBI Ltd. also changed its name to IDBI Bank Ltd. to reflect its widened business functions. As a universal bank, IDBI Bank Ltd. touches the lives of millions of Indians through a wide array of banking products and services. Besides, the Bank has an established presence in associated financial sector businesses including capital market, investment banking and the mutual fund business. The Bank’s very business philosophy is characterised by its commitment to provide relevant financial solutions, ensure maximum customer convenience through easy access to branches and ATMs as well as digital offerings and excellence in customer service. Going forward, IDBI Bank is strongly committed to work towards emerging as “the most preferred and trusted bank, enhancing value for all stakeholders”.

Recent Drivers

  • On Sept 30, 2021, the Bank in an Exchange filing said ICRA has upgraded its existing rating to ICRA A Plus from ICRA A for Infrastructure bonds, Flexi Bond, Senior and Lower Tier II bonds and Subordinate debt. Further, the rating has been upgraded to ICRA A+ from ICRA A (Hyb) for Basel III Tier II Bonds and to ICRA A from ICRA BBB Plus for Basel II Upper Tier II bonds. The company added that ICRA has reaffirmed the short-term rating on the Certificate of Deposit programme at ICRA Al Plus and MAA Minus for the Fixed Deposit programme.
  • On Sept 9, 2021, IDBI Bank has recovered close to Rs 250 crores of its outstanding loans to Videocon Group by selling an overseas property kept as a security by the bankrupt conglomerate.
  • On July 28, 2021, IDBI Bank reported quarterly net profit at Rs 603.3 crores in June 2021, up 317.71% from Rs 144.43 crores in June 2020.
  • On July 28, 2021, IDBI Bank reported Net Interest Income (NII) at Rs 2,505.73 crores in June 2021, up 41.29% from Rs 1773.44 crores in June 2020.
(Sources: Moneycontrol, Business Standard, The Economic Times)


Technical Force*

  • S&P BSE 200 month till date gain up by 2.76%
  • Traded on new 52-week-high value: 50.55
  • Spurt in volume by more than 2.33 times compared to previous vol. | 3 months avg. volume: 14,76,508
  • Quantity traded: 72,64,100 | Deliverable quantity: 22,91,526 (31.55%)
  • Stock price has jumped more than 90% from one-year-low level: 26.35 (Jan 27, 2021)
  • Daily RSI (14) is at Overbought territory today
  • 52-week-high: 50.55 | 52-week-low: 26.35

Key Pivot  (Yearly)

R4

R3

R2

R1

PP /FIB PP

S1

S2

S3

S4

Pivot Point

-

   90.32

73.03

52.07

34.78

13.82

-

-

-

Fibonacci Pivot

73.03

58.42

49.39

43.58

34.78

25.99

20.17

11.14

-


Today’s Close

50.00

SMA

BSE

10 DAY

41.93

20 DAY

40.52

50 DAY

38.93

200 DAY

36.37


Some Key Ratios (Source: BSE)

Market Cap: 53,762.01 crores

PE: 29.57

OPM%: NA

ROE%: 4.94

Promoters holding%: 94.71

Prev. Close: 46.3

*Chart And Technical Force data taken from the Binge desktop app.

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Chandresh Khona
by Chandresh Khona

Product Offerings Head

A teacher, writer, travel buff and now Espresso's Product Offerings Head. Ten years here has allowed me to lead the digital team at Sharekhan. My true passion lies in stock market charts.