Shares of IDBI Bank Ltd. jumped nearly 14% to over eight-year high on Wednesday amid a spike in total traded volume.
The lender's total traded volume so far in the day stood at 8.5 times its 30-day average.
On Saturday, the lender announced that its third-quarter profit rose 57.3% year-on-year to Rs 1,458.20 crore for the quarter ended December, according to an exchange filing.
Net interest income—the difference between interest earned and interest expended—rose 17.4% to Rs 3,434.60 crore. While, provisions in the quarter declined significantly, which aided the growth in the bottomline.
Shares of IDBI Bank rose as much as 13.87%, the highest level since Aug. 5, 2015, before paring gains to trade 10.67% higher at 1:56 p.m. This compares to 0.32% advance on the NSE Nifty 50.
The stock has risen 56.77% in 12 months. The relative strength index was at 76.60, implying the stock was overbought.
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