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Corporation Bank Jumps 20% On Third Consecutive Day Of Rally

By Staff

Shares of Corporation Bank extended their gains for the third consecutive session on Tuesday, locked in an upper-circuit of Rs 26.45 after a 19.95 percent jump in value. As per Bloomberg data, the stock's trading volume was almost 16 times its 20-day average.

Corporation Bank Jumps 20% On Third Consecutive Day Of Rally

The three-day climb in stock's value, wherein it has zoomed 68 percent, comes after the Supreme Court ruled in favour of financial creditors in its verdict on Essar Steel resolution.

Last Friday, the apex court said the National Company Law Appellate Tribunal (NCLAT) should not interfere with the decisions of the committee of creditors (CoC) in the Essar Steel insolvency case.

Further, Corporation Bank reported a 26 percent increase in net profit to Rs 130 crore for the September-ended quarter. Its asset quality improved as the gross non-performing assets (NPAs) were lower at 15.43 percent (Rs 20,823 crore) of the gross advances on 30 September 2019, when compared to 17.46 percent (Rs 21,714 crore) a year ago.

Net NPAs or bad loans fell significantly to 5.59 percent (Rs 6,751 crore) as against 11.65 percent (Rs 13,534 crore) in the same period of the previous year.

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