LIC-IDBI Bank: India's largest state-owned insurance company LIC (Life Insurance Corporation) is likely to raise its stake by about 40% in the mid-sized PSU lender IDBI Bank following the mounting NPAs (non-performing assets). According to a PTI report, the insurance market regulator IRDAI (Insurance Regulatory and Development Authority of India) has given a go-ahead to LIC to pick up controlling stake in IDBI Bank.\u00a0"The stake buy is happening. The clearance that the\u00a0IRDAI has accorded to LIC is for acquiring 51 per cent stake in the bank. LIC is going to have a controlling stake and is going to pump Rs 10,000-13,000 crore into IDBI Bank," PTI reported citing unidentified sources. Following the development, shares of IDBI Bank extended gains after opening higher on Monday. According to the latest shareholding data available on stock exchanges, LIC owns about 10.82% stake in IDBI Bank as at March 2018. While, on the other hand, the\u00a0government of India holds 80.96% stake in IDBI Bank as at 31 March 2018. If the aforementioned stake sale happens then LIC's shareholding in IDBI Bank will rise by 40.18% to 51% from the current level. In a separate stock exchange filing on 29 June 2018, IDBI Bank has denied the media reports saying LIC planning Rs 13,000 crore capital infusion in IDBI Bank. "It is hereby informed that no such discussion has taken place in the board of IDBI Bank," IDBI Bank said in a BSE filing. The stock of IDBI Bank rose as much as 5.65% to a day's high of Rs 58 on BSE whereas the stock jumped 5.55% to a day's top of Rs 57.95 on NSE on Monday. A heavy trading volume was seen on the counters of IDBI Bank, as at 11:10 am, more than 2.6 crore equity shares got exchanged on both NSE and BSE with about 2.34 crore equity shares being traded on NSE alone. Mustafa Nadeem, CEO, Epic Research sees a buying opportunity in the stock of IDBI Bank. Mustafa Nadeem has recommended a 'buy' the stock above Rs 56 for a target price of Rs 60 per equity share implying an upside of 9.28% from the current market price with a stop loss of Rs 52.8. According to Mustafa Nadeem, the stock of IDBI Bank formed a "morning star on the daily chart with huge volume breakout" on Friday. The stock of IDBI Bank saw a huge buying on Friday following which the share price advanced as much as 11.92% to Rs 55.85 before closing up 10% at Rs 54.9. Earlier on Saturday last week,\u00a0B Sriram took charge as MD and CEO of IDBI Bank in the position left vacant in the place of former MD and CEO Mahesh Kumar who was recently appointed as deputy governor of the Reserve Bank of India (RBI).