South Indian Bank stock fell 1.78% to Rs 28.68 on Friday against the previous close of Rs 29.20 on BSE. The banking stock hit a record high of Rs 36.91 on February 2, 2024 and fell to a 52 week low of Rs 14.64 on May 10, 2023.
South Indian Bank s stock witnessed a significant rebound in recent years, with a 375% increase in price since June 2022. The new management s focus on quality lending resulted in strong financial performance, including a 197% rise in standalone net profit in Q3 FY24.
The bank said its net profit for the third quarter climbed three folds to Rs 305.36 crore from Rs 102.75 crore in the same quarter last year. In percentage terms, the rise was 197.19 per cent.
Stocks in focus today: Share market today would react to the weekly option expiry and results of index heavyweight Infosys and HUL. Fortis Healthcare, Reliance Industries, HCL Technologies, TCS, and MRF are among the stocks to watch on Thursday, July 20, 2023.
South Indian Bank s stock soared by almost 11% as it prepares to submit shortlisted candidates for the appointment of new MD and CEO to the Reserve Bank of India. The move follows several key changes made in management, which have led to a target price upgrade from brokerage Geojit.