Dhanlaxmi Bank spurts after RBI OKs Sunil Gurbaxani as MD

Dhanlaxmi Bank jumped 13.76% to Rs 15.05 after the Reserve Bank of India (RBI) on Thursday (20 February) approved appointment of Sunil Gurbaxani as managing director and CEO of Dhanlaxmi Bank.

"RBI has approved the appointment of Sunil Gurbaxani as managing director and CEO of the bank for a period of three years from the date of taking charge," Dhanlaxmi Bank said in a regulatory filing after trading hours on Thursday, 20 February 2020. Gurbaxani is working with Axis Bank at present.

In the past one month, the scrip fell 8.49%. On the technical front, the stock's RSI (relative strength index) stood at 63.144. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading between its 100-day moving average (DMA) placed at Rs 14.62 and its 200-DMA placed at Rs 15.34.

On a standalone basis, Dhanlaxmi Bank's net profit soared 25.9% to Rs 21.28 crore on a 5% rise in total income to Rs 285.85 crore in Q3 December 2019 over Q3 December 2018.

Dhanlaxmi Bank is a bank engaged in providing a range of banking and financial services. Its segments include treasury, corporate/wholesale banking, retail banking and other banking operations. The treasury services segment consists of interest earnings on investments portfolio of the bank, gain or losses on investment operations and earnings from foreign exchange business.

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