On Wednesday this bank announced the business updates for Q2 and following that the stock gains more than 4.5%. Currently, the stock is trading 4.4% away from the 52-week high and above the 50-day and 200-day moving averages.
Bank of Maharashtra
Bank of Maharashtra company has a market capitalization of Rs. 35,371 Cr making it a mid-cap company. On Wednesday the stock climbed over 4.5%, at 11:20 a.m., shares were trading 0.4% up at Rs. 49.70 on NSE.
According to the company filing, Total deposits grew by 22.19% from Rs. 1,95,849 Cr in Q2 FY23 to Rs. 2,39,306 Cr in Q2 FY24, CASA deposits increased by 10.11% from Rs. 1,10,205 Cr in Q2 FY23 to Rs. 1,21,345 Cr Q2 FY24 and for the same period Gross advances rose by 23.55% from Rs. 1,48,216 Cr to Rs. 1,83,113 Cr.
The stock has given 177% returns to the investors in one year, therefore making an investment of 1 lakh one year ago now would be worth Rs. 2.77 lakhs.
Total revenues of the company grew by % from Rs. Cr in Q1 FY23 to Rs. Cr in Q1 FY24 and for the same period net profits increased by % from Rs. Cr to Rs. Cr.
As of June 2023, Promoters hold 86.46%, FIIs hold 0.68%, DIIs hold 6.43% and the public hold a 6.43% stake in the company.
The Bank of Maharastra provides banking products and services. The company offers a wide range of deposit options, including savings accounts, current accounts, term deposits, and capital gain accounts. It also offers credit services such as term loans, overdrafts, letters of credit, guarantees, and other types of credit.
Written by Sheshadri N
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