Shares of IDBI Bank climbed 5.4% to Rs 90.15 in Monday’s intraday trade on BSE after the lender received an income tax refund order amounting to Rs 2,701.6 crore for the assessment year 2016-17.
“We wish to inform you that IDBI Bank Ltd has received an Order under Section 254 r.w. Section 143(3) of the Income Tax Act, 1961 from the Income Tax Department, Government of India for the assessment year 2016-17 on June 07, 2024. As per the order, a refund of Rs 2,701.62 crores (including interest) has been determined,” the bank said in an exchange filing.
At 12:06 pm, the stock was trading 2.9% higher at Rs 87.9 on BSE. Meanwhile, on a year-to-date basis, the stock has surged by 30%, and it has gained 65% in the last one year.
In Q4 FY24, IDBI Bank reported a standalone profit after tax of Rs 1,628.46 crore, which was about 44% higher than what was reported in the corresponding quarter of the previous financial year.
Its net interest income (NII) rose 12% to Rs 3,688 crore vs Rs 3,280 crore on a year-on-year (YoY) basis, while return on assets (RoA) improved by 39 bps to 1.82% for Q4 as compared to 1.43% in Q4 of the corresponding quarter of the previous financial year.
IDBI Bank’s gross NPA ratio improved to 4.53% against 6.38% YoY, while net NPA ratio also improved to 0.34% vs 0.92% YoY.
Technically, the relative strength index (RSI) of the stock is at 50.2. RSI below 30 is considered oversold, while above 70 is overbought, according to Trendlyne data. Additionally, the MACD is at -0.3, which is below its signal and center line, this is a strong bearish indicator.
Furthermore, IDBI Bank’s stock price is higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages.
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