J&K Bank trades in fine fettle in early deals on BSE

The Jammu & Kashmir Bank (J&K Bank) is currently trading at Rs. 151.50, up by 6.35 points or 4.37 % from its previous closing of Rs. 145.15 on the BSE. The scrip opened at Rs. 149.00 and has touched a high and low of Rs. 152.40 and Rs. 148.05 respectively. So far 70503 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 199.50 on 16-May-2014 and a 52 week low of Rs. 124.00 on 16-Oct-2014. Last one week high and low of the scrip stood at Rs. 150.00 and Rs. 141.00 respectively. The current market cap of the company is Rs. 7346.81 crore. The promoters holding in the company stood at 53.17 % while Institutions and Non-Institutions held 32.95 % and 13.88 % respectively. Credit rating agency, CARE has downgrade rating of Jammu & Kashmir Bank’s Lower Tier II Bonds worth Rs 600 crore to ‘AA-’ from ‘AA’. The revision in the rating takes into account the increase in Non Performing Assets (NPAs) during H1FY15. Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.