1st November 2010
Srinagar
JK Bank share hits all-time high in 52 weeks
J&K Bank shares today soared to its all-time high price in last 52 weeks both at National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). At both the stock exchanges, the share price opened at Rs. 910 and soared to Rs. 929 at NSE and Rs. 938 at BSE.
The prices have appreciated to all time high during the last 52 weeks. About 1.48 lac shares were traded during the day pushing the turn over to Rs.13.51 crore for the day.
The appreciation in the share prices comes shortly after the bullish ratings on the Bank by Motilal Oswal, which has recommended buy rating on the stock with a target of Rs 1095 in its October 25, 2010 research report.
The report reads, "Jammu and Kashmir Bank (J&K Bank) 2QFY11 profit grew 22% YoY to Rs 1.6 billion, led by strong NII growth of 53% YoY (on a lower base). Sharp improvement in margins (up 66bp YoY) led to strong NII growth despite muted loan growth. While GNPA increased 14% QoQ; PCR at 94% remains the best in the industry."
The prices have appreciated to all time high during the last 52 weeks. About 1.48 lac shares were traded during the day pushing the turn over to Rs.13.51 crore for the day.
The appreciation in the share prices comes shortly after the bullish ratings on the Bank by Motilal Oswal, which has recommended buy rating on the stock with a target of Rs 1095 in its October 25, 2010 research report.
The report reads, "Jammu and Kashmir Bank (J&K Bank) 2QFY11 profit grew 22% YoY to Rs 1.6 billion, led by strong NII growth of 53% YoY (on a lower base). Sharp improvement in margins (up 66bp YoY) led to strong NII growth despite muted loan growth. While GNPA increased 14% QoQ; PCR at 94% remains the best in the industry."