RBL Bank rose 2.41% to Rs 189.20, ahead of the bank's board meeting today to consider the proposal to raise funds through a preferential issue of equity shares.
The private bank had informed post trading hours on 17 August 2020 that its board was scheduled to meet on Thursday (20 August 2020) to consider and approve raising of funds by way of issue of equity shares of the bank on a preferential basis.
Since then, the stock has added 2.69% in three sessions from its close of Rs 183.45 on 17 August 2020.
On the technical front, the stock's RSI (relative strength index) stood at 58.345. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is currently trading above its 50-day and 100-day simple moving averages (SMA) placed at 177.10 and 150.79, respectively. It is, however, still trading below its 200-day SMA placed at 232.26.
RBL Bank is a private sector bank. It offers specialized services under six business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets, development banking and financial inclusion, treasury and financial markets operations. The bank has a network of 392 branches, 1,221 business correspondent branches (of which 263 banking outlets) and 389 ATMs spread across 28 Indian states and Union Territories.
The private bank's profit fell 47.1% to Rs 141.22 crore on 2.6% rise in total income to Rs 2568.32 crore in Q1 FY21 over Q1 FY20. Net Interest Margin stood at 4.85% as on 30 June 2020 as against 4.31% as on 30 June 2019.
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