Bank of Maharashtra shares zoom 20% after Q2 results

Shares of Bank of Maharashtra Tuesday soared 20 per cent after the company reported a net profit of Rs 27 crore for the quarter ended September 2018.

The stock jumped 19.95 per cent to close at Rs 14.01 on the BSE. Intra-day, it soared 19.94 per cent to Rs 14.01.

On NSE, shares of the company rose sharply by 19.82 per cent to end at Rs 13.90.

The company's market valuation went up by Rs 606.43 crore to Rs 3,640.43 crore on the BSE.

In terms of the equity volume, 23.15 lakh shares of the company were traded on BSE and over 88 lakh shares changed hands on NSE during the day.

The bank had posted a net loss of Rs 23.24 crore in the July-September period of previous fiscal and Rs 1,119 crore loss in first quarter ended June of the current fiscal.

The total income fell to Rs 3,192.80 crore during the quarter ended September as against Rs 3,303.62 crore in the same quarter of 2017-18, the bank said in a regulatory filing.

The bank's asset quality remained poor with gross non-performing assets (NPAs) rising to 18.64 per cent of gross loans as on September 2018 as against 18.54 per cent in the year-ago period.