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| JK Bank share zooms by Rs 58 | | | EARLY TIMES REPORT
Srinagar, Oct 22: Even as Bankex witnessed a fall of Rs 36, J&K Bank share price went up by Rs 58 today.
At National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the JK Bank share opened at Rs 804 and zoomed to Rs 862 at NSE and Rs 861 at BSE.
The share was even traded at Rs 884 during the day. Notably, more than six lakh shares were traded today at both stock exchanges.
Meanwhile Kotak Securities in its recent report has recommended ‘Buy’ on the J&K Bank with a price target of Rs 989 and has advised the investors to enter into this stock which according to them has robust asset quality as well as healthy return ratios.
“Its asset quality is one of the best in the industry and its strong liability franchise can be witnessed from its Casa mix which stands at 37.8% at the end of Q1 for FY-11. Re-pricing of deposits along with improvement in Casa mix has helped the bank in improving its Nim from 3.04% in Q1 FY-10 to 3.70%inQ1 FY11,” reads the Kotak report on the bank’s share.
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