Jammu & Kashmir Bank drops ex-dividend

Srinagar: Jammu & Kashmir Bank declined 3.51% to Rs. 845.10 at 10:06 IST on BSE, after the stock turned ex-dividend today, 29 June 2011, for dividend of Rs. 26 per share for the year ended March 2011.

Meanwhile, the BSE Sensex was up 112.54 points, or 0.61%, to 18,604.99.On BSE, 3,066 shares were traded in the counter as against an average daily volume of 6,122 shares in the past one quarter.The stock hit a high of Rs. 860 and a low of Rs. 845 so far during the day. The stock had hit a 52-week high of Rs. 938 on 1 November 2010 and a 52-week low of Rs. 694.80 on 31 January 2011.The mid-cap stockhad outperformed the market over the past one month till 28 June 2011, rising 11.99% compared with the Sensex’s return of 1.24%. The scrip had also outperformed the market in past one quarter, gaining 12.16% as against 2.38% decline in the Sensex.The private sector bank has equity capital of Rs. 48.48 crore. Face value per share is Rs. 10.Before turning ex-dividend, the stock offered a dividend yield of 2.97% based on the closing price of Rs. 875.80 on Tuesday, 28 June 2011.Jammu & Kashmir Bank’s net profit rose 15.4% to Rs. 138.56 crore on 29.5% increase in net sales to Rs. 1132.88 crore in Q4 March 2011 over Q4 March 2010.J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country.