SRINAGAR: Jammu and Kashmir Bank shares experienced a significant surge of 7.4 per cent during Thursday’s trading session, reaching an intraday high of Rs 105.44 per share on the Bombay Stock Exchange. The stock gained momentum following the announcement of Amitava Chatterjee’s appointment as managing director and chief executive officer of the bank. His tenure, set to last three years, will commence on December 30, 2024.
Well before noon, the bank’s shares were trading 4.82 per cent higher at Rs 102.85 per share, while the BSE Sensex recorded a marginal rise of 0.07 per cent to reach 78,528.01. The market capitalisation of Jammu and Kashmir Bank stood at Rs 11,325.66 crore. The stock’s 52-week range has been notable, with a high of Rs 152.45 and a low of Rs 88.20 per share.
A regulatory filing confirmed the Government of Jammu and Kashmir had appointed Amitava Chatterjee as the Government Nominee Director on the bank’s board, replacing Baldev Prakash, effective December 30, 2024. Chatterjee is currently the deputy managing director at the State Bank of India and has previously served as managing director and chief executive officer of SBICAPS. His banking career spans over three decades, marked by diverse roles across strategic positions and geographical locations.
Jammu and Kashmir Bank, headquartered in Srinagar, has been a cornerstone of the region’s banking sector since its establishment in 1938. The bank operates as a universal bank in Jammu and Kashmir and as a specialised bank in other parts of India, maintaining a stronghold in the Union Territories of Jammu and Kashmir and Ladakh.
In recent months, the bank’s stock performance has been under pressure, having declined by 21.7 per cent over the past year compared to the 10 per cent gain recorded by the Sensex. However, on December 26, 2024, the stock registered a gain of 5.97 per cent, outperforming its sector by 4.84 per cent. The stock has also delivered a cumulative return of 7.92 per cent over the past three days.
During the day, the stock’s technical performance indicated strength, as it traded above its 5-day, 20-day, 50-day, and 100-day moving averages, despite remaining below the 200-day moving average. Its one-day performance of 6.45 per cent far outpaced the Sensex’s modest gain of 0.27 per cent. Over the past month, the bank’s shares have risen by 7.68 per cent, contrasting sharply with the Sensex’s decline of 1.65 per cent.
