Day's Movers: These banking stocks were among the top gainers on October 25

Despite a negative trade, these banks rally on the bourses.

On October 25, the Sensex closed in red by 0.5 per cent or 287.7 points at 59,543.96, while BSE Financial Services shed 0.62 per cent or 53.54 points and closed at 8,543.63. 

 The South Indian Bank, Bank of India and TheJammu & Kashmir Bank witnessed positive action in today’s session  

 The shares of South Indian Bank zoomed 10.79 per cent in today’s session and closed at Rs 13.14. The shares of the company logged a fresh 52-week high at Rs 13.88 in the intraday trades. The rally in the shares of this private banker was on the back of strong performance during the quarter that ended September 30, 2022, wherein it reported Profit after Tax (PAT) of Rs 223 crore as against a loss of Rs 187 crore on YoY basis. It also reported the highest ever NII of Rs 726 crore for the Q2 FY 2023 compared to Rs527 crore on a YoY basis and recorded the highest half-yearly disbursement of Rs 26,089 crore in the last 20 quarters. Shares of South Indian Bank have gained 31.8 per cent in the last one week. 

Bank of India (BOI) jumped 10.15 per cent in today’s session and closed at Rs 56.45. The shares of BOI logged intraday highs and lows of Rs 57.55 and 50.50, respectively. The stock has been in momentum on the back of expectation of Q2 results which it announces on November 3, as such the weekly gain for the PSU banker stood at 17.1 per cent.

The Jammu & Kashmir Bank Ltd gained as much as 7.35 per cent in today’s session and closed at Rs 37.25. In intraday trades, the stock logged highs and lows of Rs 38.05 and Rs 33.60. The Bank’s Net Profit grew by 119 per cent at Rs 243.49 crore on YoY and Net Interest Income (NII) was up 24 per cent YoY at Rs 1204.12 Crore for the September quarter.