ADVERTISEMENT

Bandhan Bank Shares Gain The Most In Eight Weeks After Receiving Bids For Stressed Assets

The bank received binding bids of Rs 369.2 crore for a written-off portfolio worth Rs 2,614.03 crore.

<div class="paragraphs"><p>A Bandhan Bank branch in Mumbai. (Source: BQ Prime)</p></div>
A Bandhan Bank branch in Mumbai. (Source: BQ Prime)

Shares of Bandhan Bank Ltd. gained the most in eight weeks since Jan. 23 after receiving bids for its stressed assets from an asset reconstruction company. 

The bank received binding bids of Rs 369.2 crore for a written-off portfolio worth Rs 2,614.03 crore, it said in exchange filings.

It also received a binding bid of Rs 370.62 crore for a non-performing asset originating from banking units worth Rs 2,316.32 crore. This will be on a security receipt consideration basis for transferring loans to an asset reconstruction company, the bank said.

Separately, the bank said its board has appointed Ratan Kumar Kesh as executive director with effect from March 31, 2023, for a period of three years, subject to getting approval from the shareholders. Kesh was appointed as a whole-time director (additional director) after getting the nod from the Reserve Bank of India.

Opinion
Stock Market Live: Sensex Gains The Most In A Week At Open, Nifty Above 17,000-Level; I.T. Stocks Lead

Shares of the bank rose 3.6% to Rs 210.1 apiece as of 10:34 a.m., compared with the 0.20% gain in the benchmark Nifty 50.

The total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 38.1.

Out of the 30 analysts tracking the company, 23 maintain a 'buy' rating, five recommend a 'hold' and two suggest to 'sell' the stock, according to Bloomberg. The 12-month consensus price target implies an upside of 43.3%.

Opinion
Why Asian Paints To Berger May Find Demand Revival Hard To Sustain