IDBI Bank gets a marginal rise with its home loan rates reduction

IDBI Bank is currently trading at Rs 45.40, marginally up by 0.05 points or 0.11% from its previous closing of Rs 45.35 on the BSE.

The scrip opened in the red at Rs 45.05 and has touched a high of Rs 46.05 with low remaining its opening price. So far 98,264 shares were traded on the BSE.

The BSE group ‘A’ PSU sector stock of face value Rs 10 touched a 52 week high of Rs 114.50 on March 4, 2008 and a 52 week low of Rs 44.35 on March 3, 2009.

The BSE PSU index is currently trading at 4,802.74, up by 0.35% from its previous closing.

The price of the scrip has witnessed corrections of 7.91% since last week and 16% since last month.

IDBI Bank has reduced its home loan rates by upto 1% for new customers. The bank announced that floating rates for home loans up to Rs 20 lakh have been slashed by 1%, whereas for loans above Rs 20 lakh, it has cut the rates by 0.5%. The move is effective from March 4, 2009.

Similarly, with effect from March 6, the bank has slashed its deposit rates across certain maturities by 0.25-0.5%.