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    Up 70% in 4 months: Jhunjhunwala ups stake in this smallcap bank

    Synopsis

    Jhunjhunwala bought an additional 24 lakh shares in the smallcap lender during the quarter ended June 30, taking the total number of shares to nearly 3.60 crore.

    Jhunjhunwala-3---BCCL
    Mutual funds and foreign portfolio investors cut their stake to 16.92 per cent and 21.11 per cent from 17.34 per cent and 21.59 per cent, respectively, as of March 31.
    Shares of Karur Vysya Bank traded in the green in Monday’s trade after data showed that ace stock investor Rakesh Jhunjhunwala increased stake in the company to 4.50 per cent during the April-June quarter.

    Latest shareholding data on Friday showed that Jhunjhunwala bought an additional 24 lakh shares in the smallcap lender during the quarter ended June 30, taking the total number of shares to nearly 3.60 crore. Earlier, he had around 3.36 crore shares (or 4.20 per cent stake) in Karur Vysya Bank as of March 31.

    Following the development, the scrip traded 2.50 per cent up at Rs 31 on the BSE.

    On the other hand, India’s pioneering private fund manager Ashish Dhawan, who founded ChrysCapital in the late 1990s, kept his stake constant at 2.45 per cent in the bank.

    Mutual funds and foreign portfolio investors cut their stake to 16.92 per cent and 21.11 per cent from 17.34 per cent and 21.59 per cent, respectively, as of March 31.

    The bank last month posted a 39.5 per cent jump in net profit at Rs 83.70 crore for the quarter ended March 2020 on higher income from other sources, even as provisioning went up substantially.

    The private sector lender had reported net profit of Rs 60.02 crore in the same quarter last year.

    Shares of the bank have jumped nearly 70 per cent during the past four months till July 27. The 30-share Sensex gained around 45 per cent during the same period.




    ( Originally published on Jul 27, 2020 )
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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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