India's DCB Bank rises on RBI nod for ICICI entities to buy stake

Karur Vysya Bank

03/01/2024 10:33

** Shares of DCB Bank  DCBA.NS  close up 1.4% at 148.35
rupees, paring back gains of 2.4% earlier in the session
    ** DCBA on Tuesday said RBI allowed ICICI Prudential Asset
Management and ICICI Ventures Fund Management to acquire
aggregate holding of up to 9.95% of the bank
    ** Stock above 50-, 100- and 200-day moving averages since
early-December 2023
    ** Avg rating of 20 analysts close to equivalent of "buy"
with only one rating it the equivalent of "strong sell" - LSEG
    ** The median PT of 148 rupees is marginally below session's
close
    ** Peers Karur Vysya Bank  KARU.NS  has "strong buy" rating,
while IndusInd Bank  INBK.NS  and Bandhan Bank  BANH.NS  have
"buy" - LSEG data
    ** DCBA stock rose 4.9% in 2023 while KARU, INBK and BANH
rose 49.1%, 31.1% and 3.1% respectively

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))