Indian mid-tier banks rise after upbeat quarterly updates
BUZZ-Indian mid-tier banks rise after upbeat quarterly updates ** Shares of India's mid-sized banks up between 1% and 6.9%
** Dhanlaxmi Bank DNBK.NS leads the pack, up 6.9% at 34.15 rupees, followed by Tamilnad Mercantile Bank TAMI.NS, up 2.9% at 751.2 rupees
** Shares of Jammu and Kashmir JKBK.NS Bank climb 2.8% to 160.56 rupees and South Indian Bank SIBK.NS rise 2.3% to 46.5 rupees
** Canara Bank CNBK.NS up 1% at 127.6 rupees
** Provisional updates from lenders showed that their advances grew between 17.01% and 27.01%, while deposits grew between 11.39% and 19.71%,
** ICICI Direct Research says SIBK's credit growth remained broadly in line with industry growth; added sustained deposit mobilisation and maintaining the improving liability franchise will remain key monitorables
** On JKBK, market research firm says bank's healthy credit growth is significantly ahead of peers, but moderation in CASA ratios may modestly weight on margins
** Nifty Bank .NSEBANK index up 0.1%
(Reporting by Mridula Kumar in Bengaluru)
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