South Indian Bank shares surge 7% today on Q1 FY24 updates; details here

Shares of South Indian Bank jumped more than 7 per cent on Monday after the Kerala-based private lender said its advances during the first quarter of the ongoing financial year 2023-24 (Q1 FY24) grew 14.53 per cent on a year-on-year (YoY) basis. The stock today soared 7.32 per cent to hit an intraday high of Rs 20.68. It eventually settled 6.28 per cent higher at Rs 20.48 over its previous close of Rs 19.27. At today's closing level of Rs 20.48, the stock has slipped 6.06 per cent from its 52-week high level of Rs 21.80, hit on December 15 last year. That said, the multibagger counter has gained 170.89 per cent from its one-year low price of Rs 7.56, a level seen on July 1, 2022.

The lender, in an exchange filing, said its gross advances rose to Rs 74,107 crore from Rs 64,704 crore in the same period a year ago. South Indian Bank's advances stood at Rs 72,092 crore in the previous quarter (Q4 FY23).

Total deposits climbed to Rs 95,524 crore in Q1 FY24, up 8.31 per cent as against Rs 88,196 crore in the corresponding period last year.

On technical setup, support on the counter could be seen at Rs 19.10.

"The stock price is overbought and bullish on the daily charts with next resistance at Rs 22. Investors should book profits at current levels or keep a strict stop loss at support of Rs 19.10 to hold buy positions," said AR Ramachandran from Tips2trades.

Around 1.40 crore shares changed hands today on BSE, which was way more than the two-week average volume of 39.55 lakh shares. Turnover on the counter came at Rs 28.01 crore, commanding a market capitalisation (m-cap) of Rs 4,285.93 crore.

The counter's 14-day relative strength index (RSI) came at 76.12. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 5.20. It has a price-to-book (P/B) value of 0.60.

The scrip has a one-year beta of 0.84, indicating low volatility.

Meanwhile, Indian equity benchmarks extended their record run today, led by gains in metals, banks, financials, consumer goods and energy stocks. The 30-share BSE Sensex pack jumped 486 points or 0.75 per cent to scale its fresh record closing level of 65,205; while the broader NSE Nifty index moved 134 points or 0.70 per cent higher to settle at a new peak of 19,323.

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