Hot Chips

BSE Code: 500116
Volume: 2826462
CMP: 111.55

IDBI Bank is one of the development financial institutions that turned to banking as well. It recently has announced its growth plans to expand its business as well as reach out further by expanding its network of branches in the country. According to some sources, these growth plans would be funded through the issue of ADR/GDR. The bank has also been consistent in recording decent growth in its financials over the past five years. For the quarter ending September the company has recorded substantial growth in the financials and has skipped beyond street expectations. Moreover, it seems to be well poised to continue to put up an impressive financial performance. A technical analyst from a leading broking house has given a ‘buy’ call on the counter with a price target of Rs 120. One of the major individual investors has also taken a long position in the scrip. Thus, in view of the bank’s future growth prospects, investors can enter this counter at the current level to fetch medium to long-term gains.