IDBI Bank stock rose over 3 per cent today after board of the lender approved the divestment of its stake in two entities -- National Securities Depository Limited (NSDL) and Ageas Federal Life Insurance Company Limited (AFLI) -- in its recent meeting.
The stock touched an intraday high of Rs 44.2, rising 3.15 per cent on BSE. It has gained after three days of consecutive fall. IDBI Bank share is trading higher than 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages.
The banking stock has gained 13.71 per cent in one year and lost 5.28 per cent since the beginning of this year.
The lender's board granted nod for divestment to IDBI's stake of up to 11.10 per cent of share capital of NSDL via market driven process. It has cleared the sale of 20 lakh equity shares in AFLI to Ageas Insurance International NV or Ageas to exercise of Call Option by Ageas, according to exchange filings.
For October-December quarter of FY22, the LIC-controlled bank posted a 53 per cent rise in net profit on a decrease in cost of funds which triggered a boost in net interest income (NII) and net interest margin (NIM).
Net profit rose to Rs 578 crore in the December quarter against Rs 378 crore in the October-December quarter. NII rose 31 per cent to Rs 2,383 crore as the bank's cost of funds fell by 60 basis points on-year to 3.79 per cent in December last year.
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