Federal Bank gains after huge block deals

The stock moved higher by 4.4% to Rs 72.40 on the BSE after a nearly 1% equity changed hands via bulk deals on the BSE and NSE.

Federal Bank has moved higher by 4.4% to Rs 72.40 on the BSE after a nearly 1% equity of the private sector lender changed hands via block deals on the BSE and the National Stock Exchange (NSE).

A combined 18.2 million shares representing 1.08% of total equity of Federal Bank have changed hands on both the exchanges. On NSE around 10.1 million shares and on the BSE about 8.05 million shares changed hands through block deals, the exchanges data shows.

The name of the buyers and sellers were not ascertained immediately.

At 11:24 am; the stock was up 3.5% at Rs 71.75 as compared to 0.15% rise in the S&P BSE Sensex.  A combined 23.5 million shares were traded on the BSE and NSE so far.