IDBI BANK - On verge of multi year break-out!

Q1 FY16-17 results have reported profits and seems like Bank has done with writeoff of NPA . Since last year there are news of privatization of this bank like Axis Bank.

Bank is in process of share sale of Rs6000cr and also separate offering for preferential shares which will allow investors to take over the management as per reports available in media. Bank’s fundraising could help bolster its balance sheet and rein in bad debts that totaled 7.47% of loans at the end of June, according to a presentation on its website

My initial target post breakout is 110-120 and if its privatized like Axis Bank, it will surely be a multi-bagger!


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