J&K Bank advances after bulk deal

Jammu & Kashmir Bank rose 1.09% to Rs 83.45 at 15:25 IST on BSE after a bulk deal of 25.13 lakh shares was executed on the scrip at Rs 84 per share at 12:15 IST on BSE.

Meanwhile, the S&P BSE Sensex was down 57.92 points or 0.19% at 31,213.36. The BSE Mid-Cap index was up 33.57 points or 0.23% to 14,834.42

Bulk deal boosted volume on the scrip. On the BSE, 26.35 lakh shares were traded on the counter so far as against the average daily volumes of 2.05 lakh shares in the past one quarter. The stock had hit a high of Rs 86.50 and a low of Rs 81.30 so far during the day.

The stock had hit a 52-week high of Rs 91.95 on 5 October 2016 and a 52-week low of Rs 54.60 on 24 November 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 0.9% compared with 4.47% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 18.01% as against Sensex's 8.10% rise. The scrip also outperformed the market in past one year, gaining 31.14% as against Sensex's 15.73% rise.

The mid-cap bank has equity capital of Rs 52.13 crore. Face value per share is Re 1.

Jammu & Kashmir Bank reported a net loss of Rs 554.30 crore in Q4 March 2017, compared with net loss of Rs 56.02 crore in Q4 March 2016. The bank's total income declined 0.1% to Rs 1802.74 crore in Q4 March 2017 over Q4 March 2016.

Jammu & Kashmir Bank is the only bank in the country with majority ownership vested with a state government. The J&K state government holds 53.17% stake in the bank as at 31 March 2017.

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