AU Small Finance Bank share price jumps 8% after global brokerage firm retains #39;overweight#39; call

The scrip was trading with volumes of 216,746 shares compared to its five-day average of 50,660 shares, an increase of 327.84 percent

AU Small Finance Bank | The bank launched its qualified institutional placement (QIP) issue on March 9 and fixed the floor price at Rs 1,181.06 per share.

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AU Small Finance Bank share price jumped over 8 percent intraday on July 6  after Morgan Stanley maintained its “overweight” call on the stock.

The global research firm retained the “overweight” call with the target at Rs 1,150 a share. It is of the view that GNPLs was flat sequentially but the bank restructured 2 percent of the loans in the first quarter, with total impaired loans now at 8.2 percent, a CNBC-TV18 report said.

The bank’s ECLGS lending was at Rs 300 crore in Q1 against Rs 20 crore YoY, while AUM growth was stable on a YoY basis and down 3 percent QoQ, it said.

The stock was trading at Rs 1,116.65, up Rs 85.50, or 8.29 percent. It touched an intraday high of Rs 1,123 and an intraday low of Rs 1,045.

The scrip was trading with volumes of 216,746 shares compared to its five- day average of 50,660 shares, an increase of 327.84 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum—the price is above short, medium and long- term moving averages with revenue going up every quarter for the past four quarters.

Moneycontrol technical rating is very bullish with strong moving averages and technical indicators.

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