Equitas SFB hits 52-week high; jumps 15% in four days

Equitas Small Finance Bank (Equitas SFB) rallied 5.72% to Rs 67.45, extending its gaining streak for the fourth consecutive trading session.

Shares of the bank jumped 15.1% in four trading sessions from its previous closing low of Rs 58.60 on 17 February 2023.

The stock hit its 52-week high of Rs 67.85 today. The counter has soared 79.87% from its 52-week low of Rs 37.50 hit on 17 June 2022.

On the BSE, 6.10 lakh shares were traded in the counter so far compared with average daily volumes of 5.33 lakh shares in the past two weeks.

The stock had outperformed the market over the past one month, rising 19.8% compared with 2.04% slide in the Sensex.

The scrip outperformed the market in past one quarter, jumping 28.11% as against Sensex's 2.94% fall.

The counter had also outperformed the market in past one year, advancing 24.45% as against 4.31% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 79.174. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 57.10, 54.59 and 49.62 respectively. These levels will act as crucial support zones in near term.

Equitas Small Finance Bank offers products and services to meet the needs of individuals with limited access to formal financing channels, as well as affluent and mass affluent, small & medium enterprises (SMEs) and corporates.

The bank's net profit surged 57.4% to Rs 170.13 crore on 17.5% rise in total income to Rs 1,216.03 crore in Q3 FY23 over Q3 FY22.

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