Excelsior Correspondent
JAMMU, Oct 5: Shares of Jammu & Kashmir Bank surged 3.79 percent in early trade on October 5 as the public sector bank recorded a 12.03 percent year-on-year (YoY) growth in total business at Rs 2.18 lakh crore for the second quarter of FY24.
Total deposits in the public sector lender grew 9.4 percent year-on-year to Rs 1.27 lakh crore. CASA deposits came in at Rs 64,067.68 crore, up 1.24 percent from Q2FY23.
Gross advances grew 15.88 percent YoY to Rs 91,679.87 crore in the Q2 of the current fiscal quarter, up from Rs 79,113.07 crore in the corresponding quarter in the previous financial year. Gross investment slipped 7.47 percent year-on-year to Rs 33,576.9 crore.
The Bank’s share price grew by a meteoric 279.2 percent over the past year, compared to the Nifty’s one-year run at 12.5 percent. Over the past six months, the stock soared 111.29 percent, more than doubling investors’ wealth.
The counter’s RSI is currently at 62.1, showing that the stock is not in the oversold or overbought territory. However, the stock sees in its trading, shown by its one-year beta of 1.68. The stock is also positioned above all crucial moving averages.
Based on the shareholding data from the June quarter, the promoters consistently held a 63.4 percent interest over quarters. FIIs have a 2.2 percent stake, DIIs own 2.4 percent, and the general public holds 32 percent in the public sector bank.
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