CSB Bank Soars To Two-Month High After Q1 Advances Jump 18%
The stock rose as much as 7.45% during the day to Rs 403.20 apiece on the NSE.
Shares of CSB Bank Ltd. jumped over 7% on Tuesday to the highest in over two months after its gross advances grew 18% to Rs 25,099 crore in the first quarter of the current financial year.
The private sector bank posted a 22% rise in deposits to Rs 29,920 crore in the quarter ended June in comparison to Rs 24,476 crore in the same period last year, according to provisional quarterly business updates filed with the stock exchanges.
Besides, the advances against gold and gold jewellery for the quarter was 24.08% higher at Rs 12,487 crore, in comparison to Rs 10,064 crore in the year ago period, the lender said.
On the NSE, CSB Bank's stock rose as much as 7.45% during the day to Rs 403.20 apiece, the highest since April 26. It was trading 3.52% higher at Rs 387.40 per share, compared to a 0.01% advance in the benchmark Nifty at 10:52 a.m.
The share price has gained 98.67% in the last 12 months but declined 7.05% on a year-to-date basis. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 70.56, implying that the stock maybe overbought.
Seven out of the eight analysts tracking the company have a 'buy' rating on the stock and one recommends 'hold,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 16.4%.
