Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on IDBI Bank with a target between Rs 101-107.

The report further stated that, if the counter is successful to breach 96, then it will create a huge breakout.

Interested investors can buy the stock on dips and hold.

In addition, the firm has suggested a support level for the scrip at Rs 83.

The shares of the company, on July 14, closed at Rs 94.60 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 11.31 and 8.79 respectively. The share price has seen a 52-week high of Rs 118.50 and a low of Rs 39.75 on BSE.

IDBI Bank has announced the results for the three month period ended June 30, 2009.

The public sector bank posted 75.56% growth in its net profit, which stood at Rs 171.83 crore for the period under review.

The bank registered a net profit of Rs 159.76 crore during the same period of the last year.

The bank's total income surged 53% to Rs 4,218.91 crore in the first quarter, as against Rs 2,756.15 crore in the same period a year-ago.

During the first quarter, the bank's interest income increased 43% to Rs 3,463.30 crore, whereas the interest expenditure for the quarter stood at Rs 3,146.86 crore, up 35% over the year-ago period.