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IDBI Bank Ltd shares had rallied to hit high 52-week high of Rs 48.75 on the Bombay Stock Exchange (BSE). With a rise of 8.5 per cent in the intra-day, the stock has gained nearly 24 per cent in the last four days following a revision in ratings by ICRA. The company on September 27 informed exchanges that the rating agency has upgraded the bank’s existing ratings while keeping the outlook stable.
In the morning trade, the stock was up 5.5 per cent at Rs 47.40 on the BSE as against a fall of 0.03 per cent in the S&P BSE Sensex.
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The bank in an exchange filing said ICRA has upgraded its existing rating to ICRA A+ from ICRA A for Infrastructure bonds, Flexi Bond, Senior & Lower Tier II bonds and Subordinate debt. Further, the rating has been upgraded to ICRA A+ from ICRA A (Hyb) for Basel III Tier II Bonds and to ICRA A from ICRA BBB+ for Basel II Upper Tier II bonds.
The company added that ICRA has reaffirmed the short-term rating on the Certificate of Deposit programme at ICRA Al+ and MAA- for Fixed Deposit programme.
Stock Covered in the news
