Karur Vysya buzzing loud

There is a lot of buzz around Karur Vysya Bank. The stock, which had closed yesterday at Rs.49.30, opened marginally higher today at Rs.49.70 and went up to an intraday high at Rs.50.55. Its 52-week high is at Rs.64.50.

The stock has reacted positively to RBI authorizing the Bank to collect Direct Taxes on behalf of the Central Board of Direct Taxes (CBDT).

Following the approval received, the bank has initiated the integration process with CBDT. Once completed, customers of the Bank can remit their Direct Taxes through any branch, Net Banking and DLite Mobile app of the Bank.

The Bank had reported an encouraging Q2FY22 operational performance with advances reporting a 7% (YoY) jump at Rs.53,851 crore and deposits also rose 7% at Rs.65,410 crore. CASA was up 11.9%.