Moneycontrol
Oct 11, 2017 03:30 PM IST | Source: Moneycontrol.com

Lakshmi Vilas Bank slips 6% on poor Q2 numbers

The company's September quarter (Q2) net profit was down 84 percent at Rs 10.5 crore against Rs 64.8 crore, in the year ago period.

 
 
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Share price of Lakshmi Vilas Bank declined 6.7 percent intraday Wednesday on the back of poor Q2 numbers.

The company's September quarter (Q2) net profit was down 84 percent at Rs 10.5 crore against Rs 64.8 crore, in the year ago period.

Meanwhile, the net interest income of the company was up 24.7 percent at Rs 232.7 crore versus Rs 186.7 crore.

The company's gross NPA increased to 5.50 percent and net NPA rose to 4.33 percent, Q-o-Q.

The provisions increased to Rs 187.4 crore from Rs 112 crore, Q-o-Q and Rs 62.6 crore, Y-o-Y.

According to Prakash Gaba of prakashgaba.com, Lakshmi Vilas Bank is trading somewhere closer to support. This is not the place to exit. This is the place to hold.

"We might see a bounce. If we get a bounce where does it go, Rs 165-175 zones. That is the area to exit. The stock is not good. Looks like structurally weak. Any upmoves would be a shorting opportunity, so I will take an opportunity to exit the stock if I see an upmove," he added.

At 15:26 hrs Lakshmi Vilas Bank was quoting at Rs 140.80, down Rs 5.95, or 4.05 percent on the BSE.

Posted by Rakesh Patil
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