Buy IDBI Bank With Stop Loss Of Rs 144

Buy IDBI Bank With Stop Loss Of Rs 144Technical analyst Hitesh Chotalia has maintained 'buy' rating on IDBI Bank stock with a target of Rs 160.

According to analyst, the investors can buy the stock with a stop loss of Rs 144.

The stock of the bank, on January 10, marked its closure at Rs 147.80 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 202.25 and a low of Rs 108 on BSE.

Current EPS & P/E ratio stood at 13.06 and 11.24 respectively.

As per latest reports, the public sector lender turned a Registrar for Unique Identification Authority of India (UIDAI).

The banking institution and Unique Identification Authority of India (UIDAI) inked a MoU during a function, which took place in the national capital on January 10, 2011.

The MoU was signed by Shri B. P. Singh, Deputy Managing Director, IDBI Bank and Shri A. P. Singh, Deputy Director General, UIDAI.

Others present during the signing ceremony were Shri Nandan M. Nilekani, Chairman, UIDAI, Shri R. S. Sharma, Director General, UIDAI and Shri R. M. Malla, Chairman and Managing Director, IDBI Bank Limited.

While talking on the occasion, Shri R. M. Malla, CMD, IDBI Bank, stated, "With the signing of MoU, the Bank is partnering in the efforts of UIDAI for issuing Unique Identity Numbers to the residents of India. As a Registrar, the Bank will enroll residents in the UID Project and assist the Authority in the various stages of the Project."

Besides, IDBI Bank raised its interest rate on some retail term deposit plans by around 75 basis points, in proportion to similar steps by other banking institutions.