Bank of Maharashtra shares face resistance near 52-week high levels after Q2 business update

Shares of Bank of Maharashtra Ltd. were trading with modest gains on Monday, October 6, after the state-run lender reported its provisional numbers for the September quarter.

The lender reported a 12.1% increase in its total deposits to ₹3.09 lakh crore in the second quarter from ₹2.76 lakh crore in the year-ago period.

Its global business increased by 14.2% to ₹5.63 lakh crore from ₹4.93 lakh crore in the September quarter last year.

Bank of Maharashtra's current account and savings account (CASA) deposits increased 14.55% to ₹1.55 lakh crore in the July to September period from ₹1.36 lakh crore last year.

Its CASA ratio expanded to 50.35% from 49.29% in the year-ago period.

Its global advances of ₹2.54 lakh crore were up 16.87% from last year's figure of ₹2.17 lakh crore.

The lender's cash deposit ratio expanded to 82.05% in the September quarter from 78.72% in the year-ago period.

Shares of Bank of Maharashtra were up nearly 1% at ₹56.98 apiece around 11.20 am. The stock has gained 30.5% in the last six months and is trading close to its 52-week high of ₹59.85.

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