Interim payout drives up J&K Bank

DALAL STREET SPIKES

J&K Bank was up on Monday despite the overall weak market. The scrip was up 0.04 per cent at Rs 500.24 "" off its day's high of Rs 509 "" on selective buying after the company declared an interim dividend of 50 per cent for FY 2003-04.

The bank informed that the board of directors, at its adjourned meeting on February 23, 2004, declared an interim dividend of 50 per cent i.e. Rs 5/- per share, subject to approval of the Reserve Bank of India.

The stock is currently trading at a lifetime high, after a sharp surge over the past three months. Good Q3 results and the hike in FDI limit in private sector banks to 74 per cent from 49 per cent by the government in January 2004 further aided the rally in the stock.

For the third quarter ended December 2003, J&K Bank reported a 23 per cent growth in bottom line to Rs 109.80 crore.