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| Corporation Bank soars on JV, credit card talks |
| BS Reporter / Mumbai Jul 20, 2009, 16:18 IST |
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The stock extended gains and finally ended at Rs 336, up 9% from the previous close. The counter witnessed trades of 14,759 shares on the BSE as compared to the two-week daily average traded volumes of 6,702 shares on the BSE.
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(Updated at 1430 hrs)
Corporation Bank has surged over 5% to Rs 325, on the back of its decision to foray into the non-life insurance business and over talks with a foreign company for a joint venture, where a third partner was proposed to be roped in.
The stock has touched a high of Rs 325, after opening at Rs 310, which is also day's low. The counter has witnessed trades of around 4,300 so far as against its two-week average traded quantity of 6,702 shares.
In addition, the bank is expected to set up a company to jointly manage the credit card operations with Life Insurance Corporation, which holds a 26.32 per cent stake in Corporation Bank. While the two public sector players are yet to set up a separate firm for the credit card business, Corporation Bank is issuing the card and servicing the clients for the last 3 months.
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