Multibagger penny stock under Rs 50: Heavy buying witnessed in this PSU bank, reports stellar quarterly results; hits back-to-back 52 weeks high!

Shares of the bank gained more than 50 per cent in the last six months.

The S&P BSE PSU index gained 0.31% today, with MMTC, IRFC and KIOCL being the Top Gainers today. Shares of Bank of Maharashtra Limited made a fresh 52 weeks on Tuesday and Monday. The stock has gained about 50 per cent in the last six months.

Bank of Maharashtra Limited has reported strong results for the first quarter ended June 30, 2023 (Q1FY24). The bank has reported a 95.15 per cent jump in its net profit at Rs 882.49 crore for the quarter ended June 30, 2023, as compared to Rs 452.20 crore for the same quarter in the previous year. The operating profit of the bank saw a significant jump of 55.03 per cent.

The total income of the bank increased by 43.53 per cent at Rs 5417.87 crore for Q1FY24 as compared to the previous year's same quarter. The stock also made a fresh 52-week high of Rs 42.70 on Tuesday. And the stock also witnessed heavy buying activity from investors in the last few days. In the last one year, the stock has gained more than 130 per cent.

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Bank of Maharashtra has the largest network of branches of any other public sector bank in Maharashtra. The services offered by the bank include Personal Banking - under which they offer services & products such as deposits, savings, personal loans, educational loans, RTGS, demat services, credit cards, etc.             

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