Multibagger stock below Rs 150: This small-cap company's net profit skyrocketed 105 per cent in Q3!
In just 6 months, the stock gave multibagger returns of 110.48 per cent whereas BSE Small-cap Index rose by only 1.17 per cent.
On Friday, one of the Top Gainers on BSE, shares of Karnataka Bank Ltd surged 10 per cent upper circuit to reach an upper price band of Rs 151.65 per share from its previous closing of Rs 137.90 per cent.
The reason behind the rise in share price was the excellent results reported by the company in December quarter (Q3). The total income rose by 16.68 per cent to Rs 2055.31 crore in Q3FY23 compared to total income of Rs 1761.53 crore in Q3FY22. The net profit skyrocketed 105.32 per cent to Rs 300.63 crore in Q3FY23 compared to a net profit of Rs 146.42 crore in Q3FY22. Also, in the annual financial statements (FY22), the corporation reported excellent results.
Karnataka Bank Ltd is a private sector bank. The company provides a wide range of banking and financial services, including retail, corporate and para-banking activities, as well as treasury and foreign exchange business. Today, shares of the company saw a spurt in volume by more than 4.68 times on BSE.
In just 6 months, the stock gave multibagger returns of 110.48 per cent whereas BSE Small-Cap Index rose by only 1.17 per cent. Investors should keep an eye on this banking stock for upcoming trading sessions.