DCB Bank jumps 8% after Tata AMC gets RBI nod to raise stake

Axis Securities has reiterated a “buy” call on the stock at a target price of Rs 150, saying DCB regained its growth momentum in FY23 and is expected to sustain it

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Shares of DCB Bank rose almost 8 percent in the morning trade on July 6 morning, a day after the Reserve Bank of India allowed Tata Asset Management Company (AMC) to raise its stake in the bank to 7.5 percent.

As of March 2023, Tata AMC held a 4.95 percent stake in DCB Bank. The Reserve Bank of India’s approval is valid for one year starting July 5, the company said in an exchange filing. The central bank also told Tata AMC that its shareholding in the private bank should not exceed 7.5 percent at all times.

Recently, DCB Bank launched a direct tax collection system with the government of India’s income-tax portal. Customers can use this platform for e-filing returns and tax payments.

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At 9.28 am, the stock was trading at Rs 128.75 on the National Stock Exchange, up 5.66 percent from the previous close. The stock has lost 4.91 percent since January 1.

Axis Securities has reiterated a “buy” call on the stock at a target price of Rs 150. “DCB has regained its growth momentum in FY23 and we expect the same to sustain as the Bank looks to double its balance sheet size in the next 3-4 years,” Axis Securities said in July 5 report. ?

The lender’s total revenue increased 16 percent year-on-year (YoY) to Rs 4,609 crore in FY23. Net profit grew 61 percent YoY to Rs 465 crore in the same period. EBITDA margins fell 297 basis points YoY in FY23.

One basis point is one-hundredth of a percentage point.

DCB is a scheduled commercial bank and its business segments are retail, micro, small medium enterprises, small medium enterprises, mid-corporate, agriculture, commodities, government, and public sector.

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