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IDBI Bank Plunges 4%; BSE BANKEX Index Down 0.8%
Tue, 23 Jul 14:40

IDBI Bank Plunges 4%; BSE BANKEX Index Down 0.8%Image source: DNY59/www.istockphoto.com

IDBI Bank share price has plunged 4% and is presently trading at Rs 86.3.

Meanwhile, the BSE BANKEX index is at 59,536.2 (down 0.8%).

Among the top losers in the BSE BANKEX index today are IDFC FIRST BANK (down 1.4%) and SBI (down 1.4%).

Federal Bank (up 2.3%) and Kotak Bank (up 0.5%) are among the top gainers today.

Over the last one year, IDBI Bank has moved up from Rs 57.5 to Rs 86.3, registering a gain of Rs 28.8 (up 50.0%).

On the other hand, the BSE BANKEX index has moved up from 51,492.9 to 59,536.2, registering a gain of 15.6% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were Federal Bank (up 45.4%), SBI (up 44.1%) and Axis Bank (up 31.9%).

Dear Reader: If You Invest in Midcap Stocks, this is for You

What About the Benchmark Indices?

The BSE Sensex is at 80,467.8 .

The top losers among the BSE Sensex today are L&T (down 3.6%) and Power Grid Corp. (down 1.9%). The most traded stocks in the BSE Sensex are Tata Steel and NTPC.

In the meantime, NSE Nifty is at 24,494.4 (down 0.1%). L&T and Hindalco are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 67,097.4 to 80,467.8, registering a gain of 13,370.3 points (up 19.9%).

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 14.8.

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