Bandhan Bank stock rises 2% amid market correction; here's why

Shares of Bandhan Bank gained 2% in early trade amid a weak market today after Plutus Wealth Management bought 90 lakh shares of the lender in a bulk deal. The transaction was done at an average price of Rs 235.65 apiece at Rs 212.08 crore on NSE.

Bandhan Bank stock rose up to Rs 240.50, up 2.07 per cent against the previous close of Rs 235.60 on BSE. At 9:24 am, the Bandhan Bank stock was trading 14.41 per cent higher than the 52 week low of Rs 209.45 hit on November 22, 2022.

Bandhan Bank shares trade higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. The large cap stock has lost 14.08 per cent in one year and lost 5.2 per cent since the beginning of this year.

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A total of 2.16 lakh shares of the lender changed hands, amounting to a turnover of Rs 5.17 crore on the BSE. Market cap of the bank rose to Rs 38,587 crore on the BSE. The stock hit a 52-week high of Rs 349.50 on May 17, 2022.

The lender announced a decent set of earnings on October 28. The bank reported a net profit of Rs 209 crore in Q2 against Rs 3,009 crore loss in the year-ago period. The Q2 show was boosted by a sharp fall in provisions and a rise in net interest income.

However, profit slipped 76.39 per cent from Rs 886.50 crore in the June quarter. The Q2 provisions were almost double the provisions for the June quarter, leading to negative sentiment around the stock.

Meanwhile, Sensex fell 233 points to 63,050 and Nifty lost 75 points to 18,736 in early trade. The fall in market comes after eight straight sessions of gains.

Also Read: Bandhan Bank shares fall over 2.5% to hit a fresh 52-week low