DCB Bank scales new highs

DCB Bank had hit a new 52-week high yesterday at Rs.160.55 and today, it has hit another new high at Rs.163.90. It has come off the highs but remains firmly in the green at Rs.160 levels, up over 1.5%.

This new found euphoria on the counter is thanks to the Bank saying that its Board has approved fund raising plan by up to Rs400 crore through qualified institutional placement (QIP), inclusive of share premium.

The Bank did well on the financial front for Q3FY17 with an improvement in profitability as well as asset quality. And various brokerage houses have started covering the stock, upgrading it and upping price targets too.