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IDBI Bank Gains 4%; BSE BANKEX Index Down 1.3%
Wed, 24 Jul 11:58

IDBI Bank Gains 4%; BSE BANKEX Index Down 1.3%Image source: StarLineArts/www.istockphoto.com

IDBI Bank share price has zoomed 4% and is presently trading at Rs 89.3.

Meanwhile, the BSE BANKEX index is at 58,599.5 (down 1.3%).

Axis Bank (down 2.1%) and Federal Bank (down 1.8%) are among the top losers today.

Over the last one year, IDBI Bank has moved up from Rs 57.9 to Rs 89.3, registering a gain of Rs 31.4 (up 54.2%).

On the other hand, the BSE BANKEX index has moved up from 51,837.0 to 58,599.5, registering a gain of 13.0% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were Federal Bank (up 45.2%), SBI (up 38.2%) and Axis Bank (up 27.2%).

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

What About the Benchmark Indices?

The BSE Sensex is at 80,138.0 (down 0.4%).

The top losers among the BSE Sensex today are Axis Bank (down 2.1%) and Bajaj Finance (down 2.1%). The most traded stocks in the BSE Sensex are Tata Steel and ITC.

In the meantime, NSE Nifty is at 24,415.6 (down 0.3%). Tata Consumer Products and Bajaj Finance are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 66,384.8 to 80,138.0, registering a gain of 13,753.3 points (up 20.7%).

IDBI Bank Financial Update...

IDBI Bank net profit grew 40.9% YoY to Rs 17,392 million for the quarter ended June 2024, compared to a profit of Rs 12,343 million a year ago. Net sales declined 2.8% to Rs 66,698 million during the period as against Rs 68,636 million in April-June 2023.

For the year ended March 2024, IDBI Bank reported 56.2% increase in net profit to Rs 57,881 million compared to net profit of Rs 37,061 million during FY23. Revenue of the company grew 28.4% to Rs 264,457 million during FY24.

The current Price to earnings ratio of IDBI Bank, based on rolling 12 month earnings, stands at 15.3.

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