[ad_1]
Last Updated: January 04, 2023, 12:05 IST
Equitas Small Finance Bank
Equitas Small Finance Bank Share Price: Shares of Equitas Small Finance Bank rallied over 7 per cent to hit a 52-week high of Rs 63.9 in Wednesday’s intraday trade
Equitas Small Finance Bank Share Price: Shares of Equitas Small Finance Bank rallied over 7 per cent to hit a 52-week high of Rs 63.9 in Wednesday’s intraday trade on BSE after the Reserve Bank of India (RBI) approved a proposal of SBI Funds Management to acquire 9.99% equity shares in the bank through various schemes managed by it. Equitas SFB in a BSE filing said that the RBI has allowed SBI Funds Management to acquire shares up to 9.99 per cent of the paid-up equity capital of the bank, subject to various regulations of SEBI and RBI.
The stock surpassed its previous high of Rs 63.10, touched on December 13, 2022. At 09:49 AM; the stock traded 5 per cent higher at Rs 62.40, as compared to 0.36 per cent decline in the S&P BSE Sensex. The average trading volumes at the counter more-than-doubled with a combined 7.8 million shares changing hands on the NSE and BSE.
As on September 30, 2022, SBI Large & Midcap Fund held 3.09 per cent stake in Equitas SFB.
Meanwhile, in past three months, the stock of Equitas SFB has rallied 28 per cent, as compared to 5 per cent rise in the S&P BSE Sensex. Further, in past six months, it has zoomed 60 per cent, as against 15 per cent gain in the benchmark index. The stock had hit a record high of Rs 77 on July 12, 2021.
Shares of Equitas Holdings, the promoter of Equitas SFB, too hit a 52-week high of Rs 136.60 on the BSE in intra-day trade today.
What Should Investors Do Now?
Kotak Institutional Equities maintained an add rating on Equitas Small Finance Bank with a revised target price of Rs 65 as compared to Rs 60 earlier.
“We recently met with the management of Equitas SFB, including the heads of select businesses and liabilities. Management reiterated that the asset quality is improving and that is driving confidence to grow faster, while liabilities continue to be an area of work,” said the note.
“We take comfort from the stabilization in leadership at the bank and the progress on the reverse merger. We see an opportunity for stock performance led by the merger,” added the note.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
Read all the Latest Business News here
[ad_2]
Source link