J&K Bank corrects on profit booking

Jammu & Kashmir Bank fell 3.40% to Rs 86.60 at 14:51 IST on BSE on profit booking after a recent rally.

Meanwhile, the BSE Sensex was down 74.81 points, or 0.27%, to 28,146.17.

On BSE, so far 1.70 lakh shares were traded in the counter, compared with average daily volume of 3.57 lakh shares in the past one quarter. The stock hit a high of Rs 91 and a low of Rs 86.05 so far during the day. The stock hit a 52-week high of Rs 92.50 on 16 October 2015. The stock hit a 52-week low of Rs 56.45 on 3 June 2016. The stock had outperformed the market over the past 30 days till 5 October 2016, rising 28.35% compared with 2.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.18% as against Sensex's 3.75% rise.

The mid-cap company has equity capital of Rs 48.48 crore. Face value per share is Re 1.

Shares of Jammu & Kashmir Bank (J&K Bank) rose 18.04% in four trading sessions to settle at Rs 89.65 yesterday, 5 October 2016, from its close of Rs 75.95 on 29 September 2016.

Net profit of Jammu and Kashmir Bank declined 85.59% to Rs 22.88 crore on 5.3% decline in operating income to Rs 1789.05 crore in Q1 June 2016 over Q1 June 2015.

J&K 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 December 2015.

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