Multibagger stock under Rs 100: This small-cap bank reports 97 per cent increase in net profit!

Shares of the company gained more than 25 per cent in the last six months.

Jammu & Kashmir Bank Limited has reported results for the first quarter ended June 30, 2023 (Q1FY24). On a consolidated basis, the bank has reported a 96.58 per cent rise in its net profit at Rs 326.67 crore for the quarter ended June 30, 2023, as compared to Rs 166.18 crore for the same quarter in the previous year. The total income of the bank increased by 25.1 per cent at Rs 2,887.52 crore for Q1FY24 as compared to Rs 2308.22 crore for the corresponding quarter previous year.

J&K Bank, headquartered in Srinagar, was established in 1938. The J&K government owns 63.4 per cent shareholding in the bank, which has declined from its previous shareholding of 70.2 per cent. J&K Bank is expected to continue receiving systemic support from the government of J&K in lieu of its strong market position in the union territory of Jammu & Kashmir and Ladakh.

Shares of Jammu & Kashmir Bank Limited have given multibagger returns during the last one year. The company's shares jumped from Rs 28.20 on July 25, 2022, to Rs 70.90 on July 24, 2023, an increase of about 150 per cent in one year holding period.

Today, the stock opened at Rs 71.03, with a high and low of Rs 71.75 and Rs 70.17. The stock is currently trading at Rs 71.16, up by 0.47 per cent.     

The stock has a 52-week high of Rs 77.00 and a 52-week low of Rs 26.70. The company has a market capitalisation of Rs 6,841.89 crore.   

Disclaimer: The article is for informational purposes only and not investment advice.