The Jammu and Kashmir Bank stock has been an impressive performer lately after many years. After the bank declared its results and pocketed a profit of Rs 432.13 crore in 2020-21 – Rs 315.75 crore of it in the last quarter (January – March 2021) only, its shares were on a bull run. This has been the highest ever profit the bank posted since March 2014.
The stocks performed so extraordinarily on the bourses that they hit the upper circuit apparently because of the information to the stock exchanges that the Jammu and Kashmir government will continue to support the bank. It gave confidence to the investors that almost 20 per cent appreciation took place within 24 hours.
The Jammu and Kashmir government despite playing a lot of politics with the premier financial organisation did not alter one basic thing – to support it. The government infused Rs 500 crore capital to the bank in 2019-20 fiscal and has budgeted another tranche of Rs 500 crore for the current fiscal. This infusion comes at a time when the bank was around the edge where it would have eroded its capital base and would not have been able to lend anymore.
Now, the bank is planning to let its staff purchase shares under an employee stock purchase plan (ESPP) on discounted rates to raise Rs 150 crore. Once this happens, the government will release Rs 500 crore. The details of this plan are not yet fully in the public domain
Bu hikaye Kashmir Life dergisinin July 03, 2021 sayısından alınmıştır.
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Bu hikaye Kashmir Life dergisinin July 03, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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