J&K bank raises capital to boost growth
Shital Jibhe / 24 Jan 2017
The shares of Jammu and Kashmir Bank rose over a percent intraday Tuesday on capital infusion. The bank earlier in the day informed the Bombay Stock Exchange (BSE) that in order to maintain its capital adequacy ratio (CAR) as per the regulatory guidelines and to fund its future growth plans, it has decided to raise capital.
The shares of Jammu and Kashmir Bank rose over a percent intraday Tuesday on capital infusion. The bank earlier in the day informed the Bombay Stock Exchange (BSE) that in order to maintain its capital adequacy ratio (CAR) as per the regulatory guidelines and to fund its future growth plans, it has decided to raise capital.
In reference to this, the government of Jammu and Kashmir as its promoter share holder, has conveyed on January 20 that a provision of Rs 532 crore in the State Budget for capital infusion in the Bank has already been made to maintain their majority stake.
Meanwhile, banking stocks are in focus on January 24 even as HDFC Bank and Kotak Mahindra Bank are expected to come up with their Q3 results on Tuesday. The stock of Jammu and Kashmir Bank has seen an upward trend recently, seeing a rise of over 5.7 percent in the past 15 days. At 9:57 am, the Jammu and Kashmir Bank was quoting at Rs 62.90, up Rs 0.20, or 0.32 percent, on the BSE.
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