Jammu & Kashmir Bank hit a high of Rs 242.60 before closing at Rs 239.60, up by 6.80 per cent. More than 4.03 lakh shares were traded on the BSE today.
The markets were positive about the counter in anticipation of a good result for the first quarter which is to be announced on July 11.
There were also expectations that J&K Bank may sell a part of its equity to a foreign strategic partner.
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The bank had said earlier that it was on the lookout for a such a investor, according to sources.
For the fourth quarter ended March 31, J&K Bank had posted a 19.5 per cent rise in net profit to Rs 101.58 crore as compared to Rs 85.01 crore in the corresponding period of the previous year.
However, total income decreased by 10.6 per cent to Rs 421.65 crore from Rs 471.60 crore in MQ 2002.