Tamilnad Mercantile Bank shares jump 17% to hit 52-week high
Tamilnad Mercantile Bank jumped 17% in intraday trade to a 52-week high of Rs 566.40 on NSE on Monday amid buying action in the banks and financial stocks. The Thoothukudi-headquartered private lender's stock has risen over 19% over three sessions. The stock was trading amid significant volume with over 32.73 lakh shares trading on the NSE.
The traded value of the shares stood at Rs 177.30 crore, while the market cap stood at Rs 8836.01 crore. The price action took the stock into the overbought zone with the day’s RSI and MFI standing at 74.3 and 76.5, respectively, according to Trendlyne data. The counter is trading above its 200-day and 20-day Simple Moving Averages (SMAs).
The stock has rallied by over 30% in the last month against a negative 2% return by Nifty50. The company reported an 11.54% year-on-year (YoY) jump in its June quarter net profit at Rs 261 crore, up from Rs 234 crore reported by the lender in the corresponding period of the previous financial year. The interest income improved to Rs 1,156 crore from Rs 1,002 crore YoY, while the Non-interest Income has moved to Rs 167 crore from Rs 140 crore YoY.
The total deposit stood at Rs 43,233 crore for the reported quarter which was up 8.73% versus Rs 47,008 crore posted by the bank in Q1FY23. The total advances stood at Rs 33,823 crore as against Rs 37,292 crore in the year-ago period, registering a 10.26% YoY jump. In terms of asset quality, Tamilnad Mercantile Bank posted a GNPA of 1.56%, which declined YoY from 1.69%, while the NNPA dropped to 0.66% from 0.93% YoY.
Read more on economictimes.indiatimes.com
