Stock below Rs 60: This banking stock reached a new 52-week high today!

The shares saw a spurt in volume by more than 5.24 times on BSE. 

Today, shares of Equitas Small Finance Bank Ltd soared 7.40 per cent and reached a new 52-week high of Rs 63.90 per share from its previous closing of Rs 59.50. The shares also saw a spurt in volume by more than 5.24 times on BSE. 

According to the quarterly financial statements, interest earned in Q2FY22 was Rs 940.40 crore and it continued to increase in Q2FY23 to Rs 1002.37 crore, an increase of 18.81 per cent. The net profit was only Rs 41.19 crore in Q2FY22, it skyrocketed to Rs 116.42 crore in Q2FY23, an increase of 182.63 per cent. 

Equitas Small Finance Bank Ltd is operated as a wholly-owned subsidiary of Equitas Holding Ltd. It merged with the other two subsidiaries named Equitas Microfinance Ltd & Equitas Housing Finance Ltd & formed a bank. The company is engaged in the retail banking business with a focus on microfinance, commercial vehicle finance, home finance and loan against property. 

At 3:30 IST, the stock ended the day positive, up 0.42 per cent to Rs 59.75 per share. Over the past 6 months, the stock gave 75.07 per cent returns and has a market cap of Rs 7494.48 crore as of January 04, 2023. Investors should keep this stock under their watch list.