India's Tamilnad Mercantile Bank rises on higher Q1 profit

Tamilnad Mercantile Bank

05/08/2024 08:28

** Shares of Tamilnad Mercantile Bank  TAMI.NS  climb as
much as 7.6%, last up 2.4% at 461.85 rupees
    ** Co's Q1 profit rose 10% YoY
    ** Rival IDBI Bank  IDBI.NS  also posted profit rise last
month, which lifted its shares
    ** Nifty Bank index  .NSEBANK , which TAMI is not part of,
is down 2.9% as all stocks on the index fell
    ** Nifty Smallcap 250 index  .NISM250 , which includes TAMI,
is down 4.4% amid broader market weakness  .BO 
    ** TAMI down ~9% YTD vs ~4% climb in NSEBANK, which is
comprised of TAMI's peers and ~20% climb in NISM250

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))