Research house Angel Broking has suggested accumulate call for banking major IDBI Bank. IDBI Bank recently launched its marketing campaign and also introduced no charges accounts to lure more consumers.

The bank has achieved good results and has generated good amount of business during the past two quarters on back on initiatives taken by the management.

IDBI Bank has registered 49.3% rise in net profit for Q4 2012 at Rs 771 crore compared to same quarter previous year.

Angel Broking has given a target price of Rs 117 for the stock on back of strong performance and expectation of the trend to continue in coming quarters.

IDBI Bank has touched 52-week high of Rs 152 and is currently trading at Rs 104 on NSE. With P/E ratio of 6.5, the stock is trading inexpensive compared to peers.