CSB Bank vaults after Nomura Singapore buys stake

CSB Bank rose 4.91% to Rs 226.40 after Nomura Singapore purchased stake in the bank via bulk deal on Wednesday (16 December 2020).

Nomura Singapore bought 14,96,357 equity shares (representing 0.86% stake) of CSB Bank via bulk deal on Wednesday (16 December 2020) at average price of Rs 214.50. The shares were purchased from Akena on the NSE.

Shares of CSB Bank have added nearly 6% in two days from its previous closing low of Rs 213.80 on 15 December 2020.

On the technical front, the stock's RSI (relative strength index) stood at 34.412. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading below its 50 and 100 days simple moving average placed at 236.59 and 225.52 respectively. These levels will act as crucial resistance zones in near term.

CSB Bank is one of the oldest private sector banks in India, with its strong presence in Kerala, Tamil Nadu, Karnataka, and Maharashtra through 432 branches and an overall customer base of 1.5 million in SME, retail, and NRI segments.

The private lender's standalone net profit surged 178.60% to Rs 68.90 crore on a 31.66% jump in total income to Rs 567.55 crore in Q2 September 2020 over Q2 September 2019.

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