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Is there more steam left in IDBI Bank’s rally?

While IDBI Bank’s improved profitability and strengthened balance sheet is comforting, the prospective buyer will be lured by the banking licence and the large deposit base

October 14, 2021 / 12:40 PM IST
Is there more steam left in IDBI Bank’s rally?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The stock of IDBI Bank (CMP: Rs 59, Mcap: Rs 63,654 crore) has hit a 52-week high after rallying more than 50 per cent in the past one month. The key triggers that led to the spectacular rise in the stock price were the bank’s rating upgrade by the ICRA, government’s indication to come out with an expression of Interest (EoI) for a strategic disinvestment in the bank by December, and ace investor Rakesh Jhunjhunwala picking up a stake...

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