DCB Bank Rallies 7% As Shareholders Nod For QIP

DCB Bank, an India based private sector scheduled commercial bank's stocks rallied 7% on an intraday basis in Tuesday’s trade as the shareholders of the bank approved for proposed qualified institutional placement (QIP).

The stock soon after the development hit a fresh 52-week high of Rs 184.65 on the BSE.

The bank for the March quarter has posted 24.3% (YoY) decline in net profit to Rs 53 crore. While the net interest was up 31% and the gross non-performing assets inched up, according to the bank.

The stock in a period of one year has delivered over 105% returns, outperforming the BSE Mid cap and BSE Bankex indices over the same time span.

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