ICICI Securities Ltd | Retail Equity Research DCB Bank's stock price has increased ~42% (surpassing those of peers) in the last two months. Such a sharp run up in the stock can be attributed to strong growth in advances (24% YoY) coupled with improvement in asset quality (GNPA at 1.55%) despite demonetisation. In addition, the management is targeting capital raising to the tune of ~| 400 crore (board approval on March 7, 2017), which will be book value accretive. However, we have not factored in the effect of increased capital in our estimates....