Nirmal Bang has maintained ‘Buy’ rating on IDBI Ltd stock to achieve a target of Rs 110 in 4-5 trading sessions.

Interested traders can buy the stock with a stop-loss of 93 as the counter is showing sign of revival.

According to Nirmal Bang, the stock may resistance at 108, if maintains above this level, then see a target of 125.

Shares of the bank, on Thursday (June 04), closed at Rs 99.15 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 100.25 and a low of Rs 39.75 on BSE. Current EPS and P/E of the stock stood at 11.31 & 9.12 respectively.

The report also said that the stock is going to hit another 52-week high in today’s session. So, investors must buy it to reap good returns.

IDBI Bank cut its depository rates by 0.5-1% during the last month (May 2009).

In April 2009, IDBI Bank cut interest rates on its retail term deposits by 25-50 basis points across different maturities.

It has also realigned its maturity term by ramifying the 3-year-5-days to 10-year maturity bucket.

The board of directors of the bank at its meeting held on April 24, 2009, sanctioned plan to establish and foray into the mutual fund business and encourage and support the planned mutual fund, the trust / trustee Company and AMC either as a wholly owned subsidiary or as a joint venture.

IDBI Bank declared a growth of 28.03% in its standalone net profit for the three month period ended March 2009.

The company’s net income surged 28.03% to Rs 3,136.70 million from Rs 2,450 million in the same quarter last year.

Interest earned during the quarter increased 45% to Rs 32,622.10 million, whilst total income for the quarter jumped 42.09% to Rs 37,345 million.

During the period under review, IDBI reported EPS of Rs 4.33.