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The Nifty IT index closed 1.14 per cent up at 29264.65.

The Relative Strength Index of the stock stood at 22.49 on Monday.

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The net interest income of the bank for the quarter ended December 31, 2022, grew by 27.14% to Rs 1,956 crore from Rs 1,539 crore for the third quarter of FY23. Other income of the firm grew by 10.29% to Rs 534 crore in the quarter ended December from Rs 484 crore in Q3FY22.

Promoters held 53.51 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 42.2 per cent and 2.24 per cent, respectively.

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A total of 66,775 shares changed hands on the counter till 02:14PM (IST)

BFSI will drive incremental earnings growth in 3QFY23E aided by healthy business growth, NIM expansion, and benign credit costs, even as opex could remain high due to continuous investments in businesses.

At current valuation, the stock is trading at ~5x 1-year forward EV/EBITDA (cash balance Rs39.3bn; market cap Rs49.4bn), which is significantly below historical levels.

The stock quoted a 52-week high price of Rs 451.5 and low of Rs 312.05.