J&K Bank reverses intraday fall as board approves stock-split proposal

Jammu & Kashmir Bank rose 0.54% to Rs 1,632.70 at 14:35 IST on BSE, with the stock reversing intraday fall in volatile trade after the bank's board approved a 10-for-1 stock split proposal.

The announcement was made during market hours today, 12 June 2014.

Meanwhile, the BSE Sensex was up 62.02 points, or 0.24%, to 25,535.91

On BSE, so far 25,173 shares were traded in the counter, compared with an average volume of 23,217 shares in the past one quarter.

The stock was intensely volatile. The stock gained as much as 1.46% at the day's high of Rs 1,647.70 so far during the day. The stock fell as much as 2.08% at the day's low of Rs 1,590 so far during the day. The stock hit a record high of Rs 1,995 on 16 May 2014. The stock hit a 52-week low of Rs 995 on 8 August 2013.

The stock had underperformed the market over the past one month till 11 June 2014, falling 9.13% compared with the Sensex's 10.78% rise. The scrip also underperformed the market in past one quarter, rising 5.19% as against Sensex's 16.71% rise.

The mid-cap bank has an equity capital of Rs 48.48 crore. Face value per share is Rs 10.

Jammu & Kashmir Bank (J&K Bank)'s board of directors at its meeting held today, 12 June 2014 considered and approved a 10-for-1 stock split proposal. The sub-division of shares is subject to approval of the shareholders and any other statutory and regulatory approvals, as applicable, J&K bank said.

J&K Bank's net profit rose 0.2% to Rs 250.60 crore on 2.9% rise in total income to Rs 1888.60 crore in Q4 March 2014 over Q4 March 2013.

J&K Bank functions as a universal bank in J&K and as a specialised bank in the rest of the country. The J&K state government holds 50.17% stake in J&K Bank (as per the shareholding pattern as on 31 March 2014).

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