Bandhan Bank stock rises 2% amid market correction; here’s why

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Bandhan Bank shares rose 2% in early trade today amid a weak market after Plutus Wealth Management bought 90 lakh shares of the lender in a bulk deal. The transaction was done at an average price of Rs 235.65 on NSE for Rs 212.08 crore.

Shares of Bandhan Bank rose by 2.07 per cent to Rs 240.50 against the previous closing price of Rs 235.60 on BSE. At 9:24 am, Bandhan Bank stock was trading 14.41 per cent higher from its 52-week low of Rs 209.45 hit on November 22, 2022.

Bandhan Bank stock trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. The large cap stock is down 14.08 per cent in one year and has lost 5.2 per cent since the beginning of the year.

Read also: Bandhan Bank, SBI Card, Britannia and Route Mobile: Here’s what analysts said on these 4 stocks

A total of 2.16 lakh shares of the lender changed hands, with a turnover of Rs 5.17 crore, on the BSE. The market cap of the bank rose to Rs 38,587 crore on BSE. The stock hit a 52-week high of Rs 349.50 on May 17, 2022.

The lender announced a decent set of earnings calls on October 28. The bank reported a net profit of Rs 209 crore in Q2, as against a loss of Rs 3,009 crore in the year-ago period. The second quarter performance was boosted by a sharp reduction in provisions and an increase in net interest income.

However, profit declined by 76.39 per cent to Rs 886.50 crore in the June quarter. Provisions for the second quarter were almost double the provisions for the June quarter, leading to negative sentiment around the stock.

Meanwhile, Sensex fell 233 points to 63,050 and Nifty fell 75 points to 18,736 in early trade. The market has declined after eight consecutive sessions of gains.

Read also: Bandhan Bank shares plunged over 2.5% to hit a 52-week low

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