J&K Bank surges nearly 15% in three days

Jammu & Kashmir Bank jumped 5% to Rs 19.95, extending gains for third session amid continuous buying support.

Shares of Jammu & Kashmir Bank surged 14.33% to its current market price of Rs 19.95 in three trading sessions from its previous closing low of Rs 17.45 on 17 February 2020.

Meanwhile, the S&P BSE Sensex was down 179.42 points or 0.43% at 41,143.58.

On the BSE, 5.57 lakh shares were traded in the counter so far compared with average daily volumes of 1.56 lakh shares in the past two weeks. The stock hit a 52-week high of Rs 65.95 on 10 April 2019 and a 52-week low of Rs 17.05 on 17 Feb 2020.

On a standalone basis, the bank's net profit declined 52.2% to Rs 49.64 crore on a 1.4% rise in total income to Rs 2196.02 crore in Q3 December 2019 over Q3 December 2018.

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI's agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.

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