Bandhan Bank shares surged by nearly 10% on October 11, 2024, reaching ₹205.75, up by ₹18.05 from the previous close of ₹187.70. The stock’s upward momentum has been fueled by two key developments that have bolstered investor confidence:
Positive Brokerage Calls: Several brokerage firms, including Jefferies, CLSA, and Goldman Sachs, have issued favorable ratings for Bandhan Bank. Jefferies maintained a “Buy” rating with a target price of ₹240, while other analysts highlighted improvements in the bank’s leadership and fundamentals, further driving optimism around the stock.
RBI Approval and Audit Completion: The Reserve Bank of India (RBI) approved the appointment of Partha Pratim Sengupta as the new Managing Director and CEO of Bandhan Bank. Additionally, the completion of NCGTC’s forensic audit related to the Credit Guarantee Fund for Micro Units (CGFMU) may have alleviated concerns, contributing to the stock’s strong performance.
As of 10:24 AM, the trading volume for Bandhan Bank stood at an impressive 53.93 million shares.
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