Bandhan Bank rises about 6% in two days

Bandhan Bank rose 5.49% to Rs 506.95, extending recent gains amid fresh buying support.

Shares of Bandhan Bank climbed 5.77% to its current market price of Rs 506.95 in two trading sessions from its previous closing low of Rs 479.25 on 7 October 2019.

The National Company Law Tribunal (NCLT) recently cleared the scheme of amalgamation between Kolkata-based Bandhan Bank and Ahmedabad-based Gruh Finance. The scheme was approved by NCLT's Kolkata and Ahmedabad benches. Thursday, 17 October 2019 has been fixed as the record date following the effectiveness of scheme for determining shareholders of the merged entity.

Meanwhile, the S&P BSE Sensex was down 298 points or 0.78% to 37,880.40.

On the BSE, 66,844 shares were traded in the counter so far compared with average daily volumes of 36,345 shares in the past two weeks. The stock hit an intraday high of Rs 510.75 and an intraday low of Rs 478.05 so far during the day.

The stock hit a 52-week high of Rs 635.55 on 3 May 2019. The stock hit a 52-week low of Rs 369.15 on 26 October 2018.

Bandhan Bank's net profit soared 45.6% to Rs 701.14 crore on 37.7% surge in total income to Rs 2,432.77 crore in Q1 June 2019 compared with Q1 June 2018.

Bandhan Bank is a commercial bank, which offers a variety of asset and liability products and services designed for micro banking and general banking, as well as other banking products and services.

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