Karnataka Bank shares gain on appointment of Sekhar Rao as executive director

Sekhar Rao will be an executive director of the bank for three years effective from the date of taking charge. This is subject to the approval of the shareholders.

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Karnataka Bank‘s share price climbed 1.3 percent on January 16 after the appointment of Sekhar Rao as executive director of the bank.

The private sector lender in its BSE filing said it has appointed Sekhar Rao as an additional director to take up the role of executive director of the bank.

Rao will be an executive director of the bank for three years effective from the date of taking charge. This is subject to the approval of the shareholders.

Sekhar Rao has more than 29 years of work experience across various sectors, of which 19 years are in the BFSI sector.

The stock closed at Rs 151.80 on the NSE, up 1.3 percent despite a correction in the private banking index (down half a percent).

After taking support at around Rs 144 – Rs 145 on January 11, the stock has been trading higher for the third consecutive session on Monday. Also, it climbed above nine DEMA (day exponential moving average) and overall has been holding above 50 DEMA (Rs 141.63), 100 DEMA (Rs 123.81) and 200 DEMA (Rs 103.21), with momentum oscillator RSI (relative strength index) above 50 mark indicating positive mood at the counter.

Meanwhile, last week, Mahabaleshwara MS, Managing Director & CEO, shared provisional business numbers for Q3 of FY23. Its gross advances have grown 12.37 percent for the quarter with the share of CASA at 31.91 percent (against 31.3 percent in Q3FY22) and the core deposits of the bank stood at Rs 84,592.60 crore, up 7.87 percent YoY.