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Murali Ramakrishnan, MD and CEO of South Indian Bank, has announced that he will not seek re-appointment when his tenure ends in September. Ramakrishnan explained that his decision was purely personal, and that he had finished implementing organisational changes that would keep the bank running smoothly until his tenure ends. He added that he would spend the next six months ensuring a smooth transition for his successor, who must manage challenges created by changes in the banking sector .

From being a penny stock, the bank shares have seen a considerable upside. It has outperformed the Nifty50 in the past year. It has given returns of 84.8% during this period against 1.5% returned by the broader market index.

The company, in consultation with the lead bankers to the issue, may consider a pre-IPO placement aggregating up to Rs 51 crore. If such placement is completed, the fresh issue size will be reduced.

The Relative Strength Index of the stock stood at 42.98 on Wednesday.

Other top crypto tokens were also trading higher. XRP zoomed nearly 12%. Cardano, Polygon and Litecoin were also trading with gains. The global cryptocurrency market cap was trading lower around $1.18 trillion, rising 3.73% in the last 24 hours.

The insolvency plea by IndusInd Bank against Zee had raised questions over the smooth merger of the company with Sony Pictures, which was already delayed due to regulatory requirements. In February alone, shares of Zee Entertainment lost nearly 14% of its value.

The stock quoted a 52-week high price of Rs 3698.5 and low of Rs 2366.55.

Technical Analyst and Founder of Chart Analytics, Foram Chheda, recommends buying shares in Route Mobile, which has attempted a breakout from resistance levels around Rs 1360-1365. The stock price has already surpassed the 200-day moving average, indicating a bullish trend. It is suggested investors buy partially at current levels, add on more at Rs 1,340, maintain a stop loss below Rs 1,299, and look for a target of around Rs 1,445. The Nifty has been volatile, with support at 16,800-16,747 and resistance at 17,200, potentially leading to a consolidated market.

The interim dividend, if declared by the Board, will be paid to the shareholders whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on April 13.

Gold is seen as a haven for investment in times of crisis and price movement in the yellow metal is inversely related to the movement in the dollar index.