Karnataka Bank surges on back of result expectations

The share price of Karnataka Bank rose by around 2 per cent on the bourses on Friday on the back of nearing the announcement of the bank's financial results and the opening of new branches in Karnataka.

The bank opened its 802nd and 803rd branch at Kendalbail- Honnethalu GP and Udupi- Chitpady, respectively. It is likely to announce its financial results for the fiscal year 2018 on May 15. The bank had posted a 27.52 per cent hike in its net profit at Rs. 87.38 crore for the third quarter of the fiscal year 2018, along with improvement in asset quality.

The stock posted an intraday high of Rs. 114.45 per share and an intraday low of Rs. 112.15 per share on BSE on Friday. The stock had hit its 52-week high of Rs. 181.15 per share on June 2, 2017 and its 52-week low of Rs. 106.95 per share on April 2, 2018 on BSE, respectively.

At 14:58 hours IST, the stock was trading at Rs. 112.90 per share, up by 0.27 per cent on BSE on Friday. Meanwhile, S&P BSE Sensex was trading at 35,407.29 level, higher by 0.46 per cent and NSE Nifty 50 was trading at 10,793.55 level, higher by 0.72 per cent.