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Axis Bank gains after announcing reduction in MCLR

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rose 1.43% to Rs 526.25 at 09:20 on after the bank reduced its lending rates based on marginal cost of funds based lending rate by 5 basis points across all tenors effective from 18 October 2016.

The announcement was made after market hours yesterday, 17 October 2016.

Meanwhile, the S&P Sensex was up 200.45 points or 0.73% at 27,730.42

On BSE, so far 46,000 shares were traded in the counter as against average daily volume of 7.59 lakh shares in the past one quarter. The stock hit a high of Rs 528.20 and a low of Rs 523 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016.

The large-cap private sector bank has equity capital of Rs 478.08 crore. Face value per share is Rs 2.

Axis Bank's net profit fell 21.38% to Rs 1555.53 crore on 13.22% growth in total income to Rs 13852.18 crore in Q1 June 2016 over Q1 June 2015.

said that the bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 8.8%, the rate for one month will be 8.85% and for three months it will be 9.05%. The MCLR on 6-month loans will be 9.15% and for one-year loans the rate will be 9.2%, the bank said. MCLR on two-year loans will be 9.3% and for three-year loans the rate will be 9.35%. The announcement was made after market hours yesterday, 17 October 2016. Separately, announced that it has received request for redemption of $46 million - 7.167% Callable Hybrid Tier I Notes. The Notes were issued on 15 November 2006.

is one of the biggest private sector banks in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 09:19 IST
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