Bandhan Bank share gains 3% intra day after FIIs raise stake

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Bandhan Bank share gain
Bandhan Bank share gain

Bandhan Bank share gains 3% intra day after FIIs raise stake

Bandhan Bank stock rose up to 2.9% to Rs 315.8 intra day against previous close of Rs 306.90 on BSE

 
Bandhan Bank share price closed higher in trade today after foreign institutional investors (FIIs) bought shares of the private sector lender. Promoters of  Bandhan Bank sold 20.95 percent stake through a block deal.The stake sale was a part of the bank’s steps to cut promoter shareholding to meet the Reserve Bank of India’s regulatory norms.

Morgan Stanley Asia Singapore, Camas Investments, Caladium Investment, Copthall Mauritius Investment, Societe Generale and Credit Suisse Singapore are among the FIIs who purchased shares of Bandhan Bank, BSE data show.

The large-cap stock rose up to 2.9% to Rs 315.8 intraday against the previous close of Rs 306.90 on BSE. Later, the stock closed 1.37% higher at Rs 311. The stock has gained after 2 days of consecutive fall.

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The share stands higher than 50 day and 100-day moving averages but lower than 5 day, 20 day and 200-day moving averages.

It has lost 34% in last one year and fallen 38.77% since the beginning of this year. In a month, the share has lost 10.38%. The market cap of the lender fell to Rs 50,096 crore.

On August 4, Bandhan Bank’s main promoter Bandhan Financial Holdings sold 337.4 million shares in the Indian lender.

The share sale was a part of the lender’s effort to lower promoter shareholding to meet the Reserve Bank of India (RBI) regulatory norms.

The bank reported a 31.59 per cent decline in net profit at Rs 550 crore against Rs 804 crore in the corresponding quarter of the previous year, due to higher provisioning for possible credit losses due to COVID-19. On the quarter-on-quarter basis, profit rose 6.38 per cent against Rs 517 crore in the March quarter of FY20.

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