Dena Bank Intraday Buy Call

Dena Bank Intraday Buy CallTechnical analyst Nitin Murarka of SMC Global has maintained 'buy' rating on Dena Bank Limited stock with a target of Rs 107.

Mr. Nitin said that the stock can be purchased with a strict stop loss of Rs 96.

The stock of the bank, on March 24, closed at Rs 99.60 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 151 and a low of Rs 78 on BSE.

Current EPS & P/E ratio stood at 20.63 and 4.87 respectively.

Dena Bank announced that it is in receipt of communication from the country's administration, finance ministry, financial services dept vide letter dated Feb. 15, 2011 conveying its verdict to infuse Rs 5.39 billion through preferential allotment of equity in support of India government.

Therefore, Dena Bank is starting required steps to lift up capital by producing, offering, issuing and assigning such quantity of equity shares with face value of Rs 10 per share for cash at such value as may be decided by the board by March 31, 2011.

Established by the Devkaran Nanjee family, Dena Bank is involved in treasury, business/wholesale banking, retail banking, and other banking processes.

In the financial year ended March 2010, the bank launched 39 new divisions comprising one each in Sikkim, Assam, Haryana, Uttatrakhand, Kerala and Madhya Pradesh, 2 each in Rajasthan and Uttar Pradesh, 3 each in WB, National Capital, AP, 4 each in Karnataka, and TN and 6 each in Gujarat and Maharashtra.