JK Bank share goes all time high of Rs1225
GK NEWS NETWORK
Srinagar, Oct 31: With its share price appreciating by 9.4 per cent, J&K Bank today topped gainers list. The Bank’s stock hit all time high of Rs 1225 and Rs 1224.55 on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) respectively.
The surge in the stock price came shortly after the Bank released its quarter 2 results showing 35 per cent increase in its profits.
The share price witnessed a sharp increase of Rs 105 on both the stock exchanges.
Commenting on it, Chairman and CEO J&K Bank, Mushtaq Ahmad said, “We value the trust of our investors as one of the key factors responsible for our uninterrupted growth story. This is the shareholders confidence in the bank.”
Notably, more than 7.4 lakh shares were traded during the day at both the bourses.
Earlier, on October 7 the J&K Bank share had hit all time high of Rs 1095 on BSE and Rs 1097 on NSE.
With an unprecedented surge of more than Rs 41 in a single day, the Bank’s share price had stood at Rs 1073.85 on BSE and Rs 1076.05 on NSE when the markets closed on October 8.
Pertinently, Anand Rathi Securities had recently predicted rise of over 10 per cent in the Bank’s share price from its current value.
"J&K Bank has been trading within a rising channel on the weekly charts which is highly positive," analysts at the firm had said in a note to clients.
Moreover, Prabhudas Lilladher, a reputed stock broking firm believed, “J&K Bank is best positioned to benefit from the J&K story. Also, outside J&K, the bank is concentrating on expanding lending expertise to mid corporates (predominantly AAA till now) and that will aid in improving lending yields.”
Lastupdate on : Wed, 31 Oct 2012 21:30:00 Makkah time
Lastupdate on : Wed, 31 Oct 2012 18:30:00 GMT
Lastupdate on : Thu, 1 Nov 2012 00:00:00 IST
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