200 per cent returns: Heavy buying witnessed in this multibagger penny stock below Rs 25!
The scrip witnessed massive spurt in volume by more than 2.3 times
On Friday, shares of South Indian Bank zoomed more than 11 per cent to trade at an intraday high of Rs 23.45 apiece on BSE. The scrip witnessed massive spurt in volume by more than 2.3 times.
In Q1FY24, South Indian Bank disclosed a net profit of Rs 202.3 crore, witnessing a significant rise from the Rs 115 crore reported in the corresponding period last year. The private sector banking institution's gross non-performing asset (GNPA) ratio exhibited a slight decrease, standing at 5.13 per cent, compared to the 5.14 per cent recorded in the same quarter of the previous year. Furthermore, the Net NPA (NNPA) ratio for the quarter was noted at 1.85 per cent, reflecting a marginal decline from the 1.86 per cent reported on a year-on-year basis.
Murali Ramakrishnan, the Managing Director & CEO of South Indian Bank, attributed the bank's continuous favorable business performance to the employed strategy. Throughout this period, the bank achieved growth across various targeted segments, prioritizing the cultivation of high-quality assets in sectors such as Corporate, SME, Auto Loan, Credit Card, Personal Loan, and Gold Loan.
In an announcement made to the stock exchanges, it was revealed that the Reserve Bank of India (RBI) had granted approval on August 17, 2023, for the appointment of PR Seshadri as the MD & CEO of South Indian Bank, effective from October 1, 2023. According to the notification, PR Seshadri is set to hold this position for a duration of three years.
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South Indian Bank provides retail and corporate banking, para banking activities such as debit card, third party financial product distribution, in addition to treasury and foreign exchange business.
The stock has witnessed significant buying activity as it has given multibagger returs of more than 200 per cent in just 3 years. Keep a close eye on this trending multibagger penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.