Heavy buying witnessed from the FIIs in this multibagger banking stock. Do you own it?

The shares of the company have given multibagger returns of over 131 per cent returns in just 6 months

Karnataka Bank provides a wide range of banking & financial services involving retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business. Karnataka Bank Ltd is tying up with fintechs and implementing end-to-end digital solutions as it looks to turn into a digital bank by its centenary year in FY24.  

For the quarter ended September 2022, the bank reported stellar results. The net interest income increased by 26 per cent, from a year ago to Rs 802.73 crore. The company’s net profit witnessed a three-fold jump to an all-time high level of Rs 412 crore. The FII’s have increased their stake from 11.92 per cent to 18.16 per cent, witnessing the most aggressive FII buying in this period under banking space.  

On Wednesday, the shares soared more than 3.2 per cent to make an intraday high of Rs 152.40 and closed at 2.17 per cent up at Rs 150.85. The shares of the company have given multibagger returns of over 131 per cent returns in just 6 months and over 146 per cent in 1 year.  

Keep a close eye on this trending multibagger banking stock.