South Indian Bank Shares Gain After Q3 Gross Advances Rise 18%

Shares of South Indian Bank Ltd. gained the most since Dec. 27 after the lender reported an 18% rise in its gross advances for the quarter ended December.

The private sector lender, in a stock exchange filing, said that its gross advances for October-December gained 18% to Rs 70,168 crore.

CASA increased 9% on-year to Rs 30,699 and the CASA ratio improved 189 basis points to 33.8%.

The stock rose as much as 10.13% intraday before closing 6.49% higher. The benchmark Nifty 50 ended the day with 0.19% gains. The scrip traded twice its 30-day average volume.

The relative strength index is 66.

Out of the seven analysts tracking the company, three maintain a 'buy' rating, three suggest 'hold' and one recommends a 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies a downside of 28.8%.