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Tamil Nadu Mercantile Bank Limited Shares: Shares of Tamil Nadu Mercantile Bank Ltd rose sharply on the NSE on Monday amid buying in banking and finance stocks. Shares of the bank rose 17% in intraday trade to Rs. touched a 52-week high of 566.40. The stock of this Thoothukudi-headquartered private bank has gained more than 19% in three sessions. Please inform that this bank is 102 years old.
The IPO came last year
Let us tell you that the IPO of Tamil Nadu Mercantile Bank came last year in 2022. Its IPO price was fixed at Rs 525. Today its market cap has fallen to Rs. 8836.01 crore has been made. According to Trendline data, the counter is trading above its 200-day and 20-day Simple Moving Average (SMA). The stock has gained more than 30% in the past month against the negative 2% return of the Nifty50.
Also Read – The company will be debt free by next year, foreign investors are also betting big, the share is ₹3
June quarter results
The bank’s net profit in the June quarter rose 11.54% year-on-year to Rs. 261 crore has been made. In the corresponding period of the previous financial year it was Rs. 234 crores. Interest income on an annual basis is Rs. 1,002 crore to Rs. 1,156 crore, while non-interest income on an annualized basis stood at Rs. 140 crore to Rs. 167 crores.