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Sunday, January 1, 2012

IDBI Bank Ltd:-Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:IDBI Bank Ltd

Premiuminvestment says:IDBI Bank hit a new 52-week low at Rs.77.65 and it ended the day in the red. The stock was beaten down after the bank announced that the Govt is actively considering the bank's request for capital support and intends to infuse capital funds into the bank by way of preferential allotment of equity. This is in line with its earlier announcement of the Govt agreeing, in principle, to convert the Tier-1 bonds of Rs 2130.50 crore issued to the government by IDBI Bank into equity share capital, subject to all regulatory and statutory requirements. The Govt holds 65.13% stake in the Bank.The bank had posted a good set of numbers for Q2FY12. YoY, its net profit was up 20% at Rs.516 crore. Its business was up 16%. Deposits rose 13% at Rs.1,74,441 crore and advances were up 20% at Rs.1,55,917 crore. The Bank's CAR (without considering half yearly profits) stood at 13.34% as of September 30, 2011. During festival season IDBI Bank had come out with multiple customer friendly offers on home and auto loans. These ‘offers’ close tomorrow, 31st Dec and it would be interesting to see how its numbers pan out in Q3. H1FY12 EPS is at Rs.8.64, discounting the current price by PE of over 9 times and the annualized EPS by less than 5 times.

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