On Tuesday this bank stock rose more than 13% after announcing business updates. The stock closed 4.9% away from the 52-week high and above the 50-day and 200-day moving averages. The stock price is being supported by strong and rising volume, which is higher than the prior day and week averages.
Dhanlaxmi Bank Limited
Dhanlaxmi Bank Limited belongs to a micro-cap company, with a market capitalisation of Rs. 814 Cr. On Tuesday the stock closed 10.4% up at Rs. 32.20 on NSE.
According to the company filing, total deposits grew by 8.17% in Q2 FY24 to Rs. 13,789 Cr, up from Rs. 12,748 Cr in the same quarter FY23, Gross Advances increased by 13.21% to Rs. 10,312 Cr in Q2 FY24 from 9,109 Cr in Q2 FY23 and Gold Loan increased by 26.57% to Rs. 2,596 Cr in Q2 FY24 from 2,051 Cr in Q2 FY23.
The stock has delivered 112% returns in six months and 166% returns in one year, therefore making an investment of 1 lakh six months ago now would be worth Rs. 2.12 lakhs and making the same amount of investment one year ago now would be worth Rs. 2.66 lakhs.
The total revenues of the bank grew by 44% to Rs. 341.40 Cr in Q1 FY24 to Rs. 236.82 Cr in Q1 FY23 and the bank reported a net profit of 28.30 Cr in Q1 FY24 against a loss of 26.43 in Q1 FY23.
As per the latest shareholding information, the Public hold 88.95%, FIIs hold 10.97% and DIIs hold a 0.08% stake in the company.
Dhanlaxmi Bank Ltd. was founded in 1927 by a group of ambitious and industrious entrepreneurs in Thrissur, Kerala. It provides various banking and financial services. Treasury Operations, Corporate / Wholesale Banking, Retail Banking, and Other Banking Business Operations are the Company’s segments.
Written by Sheshadri N
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