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Shares of Development Credit Bank (DCB) advanced by over 15 per cent on BSE today after the company reported strong growth in net profit for the January-March quarter.
The shares of private sector lender settled at Rs 57, a gain of 15.50 per cent over last close, on the Bombay Stock Exchange (BSE). In intra-day trade, the scrip had jumped by 16.71 per cent to a month’s high of Rs 57.60.
On the National Stock Exchange, the scrip spurted by 15.30 per cent to close at Rs 56.90.
DCB reported a net profit of Rs 11.43 crore for the fourth quarter ended March 2011. It had a loss of Rs 8.1 crore in the same quarter in the previous fiscal.
For the entire fiscal ended March 2011, DCB’s net profit rose to Rs 21.4 crore compared to a loss of Rs 78.4 crore in the previous fiscal.
Meanwhile, the overall sentiment in the broader market was bullish as well, with the benchmark Sensex ending 434.32 points, or 2.25 per cent, higher at 19,696.86.
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