The stock pared its gains and slipped to a low of Rs 425. The scrip finally settled at Rs 431, down 2%. Around 6,522 shares have been traded on the BSE today as compared to the two-week daily average traded volumes of 2,352 shares.
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(Updated at 1057hrs)
Jammu and Kashmir Bank has surged on the back of strong Q1 results.
The stock opened at Rs 445 and surged 3% to touch a high of Rs 452. The stock is now up 2% at Rs 447. Around 1,482 shares have been traded on the BSE so far.
Jammu and Kashmir Bank's net profit increased 24% to Rs 117.05 crore in the quarter ended June 2009, as against the Rs 94.56 crore in the corresponding quarter a year ago. The total income is also up 24% at Rs 89,105 crore in Q1FY10 as against Rs 71,630 crore in Q1FY09.
The bank has succesfully brought down its cost to income ratio to 33% from 38% a year ago.
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