On July 6, 2023, DCB Bank shares rose 8% in the morning trade after the Reserve Bank of India allowed Tata Asset Management Company (AMC) to raise its bank stake to 7.5%.

As of March 2023, Tata AMC held a 4.95% stake in DCB Bank. The Reserve Bank of India’s approval is valid for one year, starting July 5. RBI also told Tata AMC its shareholding in the private bank should not surpass 7.5% at all times.

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

At 9:28 am, the stock traded at Rs 128.75 on the NSE, up 5.66% from the previous close. The stock has lost 4.91% since January 1.

Axis Securities has repeated the stock’s “buy” call at a target price of Rs 150. “DCB has recovered its growth momentum in FY23 and expects to sustain as the Bank looks to double its balance sheet size in the next 3-4 years,” Axis Securities mentioned in July 5 report. ​

The lender’s overall revenue increased 16% YoY to Rs 4,609 crore in FY23. Net profit grew 61% YoY to Rs 465 crore in the same period. EBITDA margins tumble 297 bps YoY in FY23.

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