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.