Latest Stock Market News

Karnataka Bank Ltd., incorporated in the year 1924, is a banking company (having a market cap of Rs 2038.12 Crore).

Promoters held 29.33 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 50.81 per cent and 5.94 per cent, respectively.

US markets were shut overnight on account of Memorial Day and Chinese PMI reading released earlier today suggested factory activity there fell at a slower pace in May as Covid curbs in major manufacturing hubs, which restricted the market losses.

Analysts said near to medium term growth would remain under pressure due to regulatory issues, slow recovery in the API business and inflated costs, but felt the recent correction on the counter has made valuations reasonable. They have price targets that suggest flat to 30 per cent potential upside on the counter.

Barring Tron, a decentralized blockchain, all crypto tokens were trading sharply higher on Tuesday. Cardano zoomed more than 14 per cent, whereas Ethereum rose 6 per cent. Bitcoin, Avalanche and XRP gained 5 per cent each.

Gold futures on MCX were trading with mild cuts by 0.10 per cent or Rs 50 at Rs 51,044 per 10 grams. However, silver futures were trading lower by 0.64 per cent or Rs 395 at Rs 61,487 per kg.Higher short-term US interest rates raise the opportunity cost of holding bullion, but gold is also seen as a safe haven during economic crises, like a recession.

The company reported a four-fold rise in the net profit for the entire fiscal year 2021-22 to Rs 4,935 crore against Rs 984 crore in the previous fiscal year. Revenue rose 29 per cent at Rs 57,446 crore compared to last year at Rs 44,630 crore.

The Relative Strength Index of the stock stood at 58.15 on Tuesday.

Adjusted net profit for the quarter was at Rs 1,582.1 crore, up by 18 per cent YoY, after excluding the exceptional items of Rs 3,935.7 crore and exceptional tax gain of Rs 76.4 crore.

A total of 4,150 shares changed hands on the counter till 10:40AM (IST)