Intraday Buy Call For DCB

Intraday Buy Call For DCBTechnical analyst Anil Singhvi has maintained 'buy' rating on Development Credit Bank (DCB) stock to achieve an intraday target of Rs 55.

According to analyst, the investors can purchase the stock with a stop loss of Rs 50.

The stock of the bank, on January 20, closed at Rs 51.15 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 76.70 and a low of Rs 27.50 on BSE.

Current EPS & P/E ratio stood at 0.09 and 580.46 respectively.

Development Credit Bank (DCB) recorded Rs 8 crore profit for the three month period ended December 2010 as compared to a net loss of Rs 18 crore during the period ended December 2009.

The bank recorded such growth on account of an increase in net margin plus lower provisioning.

For nine months ended December 2010, the bank's net profit remained at Rs 10 crore as against a loss of Rs 70.3 during the same period of last year.

Bank's provisions declined significantly in the reporting quarter and remained at Rs 13 crore.

Net advances increased to Rs 3,956 crore as against Rs 3,138 crore in the same period of 2009.

The bank recorded a NIM of 3.13% as compared to 2.61% during the same period last fiscal.

Chairman Nasser Munjee said, "We are back on track. We will continue to operate cautiously and keep building on the progress we have achieved so far."