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IDBI Bank Gains 5%; BSE BANKEX Index Up 0.7%
Thu, 24 Oct 11:5

IDBI Bank Gains 5%; BSE BANKEX Index Up 0.7%Image source: asbe/www.istockphoto.com

IDBI Bank share price has zoomed 5% and is presently trading at Rs 81.7.

Meanwhile, the BSE BANKEX index is at 58,600.5 (up 0.7%).

Among the top gainers in the BSE BANKEX index today are Bank of Baroda (up 2.6%) and IDFC FIRST BANK (up 2.2%).

Kotak Bank (down 0.3%) and Axis Bank are among the top losers today.

Over the last one year, IDBI Bank has moved up from Rs 63.0 to Rs 81.7, registering a gain of Rs 18.7 (up 29.8%).

On the other hand, the BSE BANKEX index has moved up from 48,512.5 to 58,600.5, registering a gain of 20.8% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were SBI (up 43.6%), ICICI Bank (up 35.1%) and Federal Bank (up 32.5%).

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

What About the Benchmark Indices?

The BSE Sensex is at 80,039.8 (down 0.1%).

The top losers among the BSE Sensex today are Hindustan Unilever (down 6.2%) and Nestle (down 2.2%). The most traded stocks in the BSE Sensex are Tata Steel and ITC.

In the meantime, NSE Nifty is at 24,405.6 (down 0.1%). Hindustan Unilever and SBI LIFE INSURANCE are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 64,571.9 to 80,039.8, registering a gain of 15,467.9 points (up 24.0%).

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 14.0.

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