J&K Bank vaults after stock-split

Jammu & Kashmir Bank jumped 6.78% to Rs 169.10 at 14:41 IST on BSE after shares of the bank turned ex-split from today, 4 September 2014.

Meanwhile, the BSE Sensex was down 134.70 points, or 0.5%, to 27,005.24

Stock-split boosted volume on the scrip. On BSE, so far 4.07 lakh shares were traded in the counter, compared with an average volume of 16,159 shares in the past one quarter.

The stock saw high intraday volatility. The stock hit a high of Rs 176.95 and a low of Rs 160 so far during the day. The stock hit a record high of Rs 199.50 on 16 May 2014. The stock hit a 52-week low of Rs 104.40 on 4 September 2013.

The stock had underperformed the market over the past one month till 2 September 2014, falling 1.59% compared with 6.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.84% as against Sensex's 9.46% rise.

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

Shares of Jammu & Kashmir Bank (J&K Bank) turned 10-for-1 ex-split from today, 4 September 2014. The Board of Directors of the bank in their meeting held on 4 August 2014 have fixed 5 September 2014 as the record date for purpose of stock-split.

J&K Bank's net profit fell 57.8% to Rs 130.05 crore on 10.6% increase in total income to Rs 1899 crore in Q1 June 2014 over Q1 June 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 53.17% stake in J&K Bank (as per the shareholding pattern as on 30 June 2014).

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