Karnataka Bank Q4 net rises 3%, stock pares gains

The stock slipped to a low of Rs 132, down 12.5% from the day's high. It finally ended down 7% at Rs 133. The counter clocked a volume of 364,126 shares on the BSE today.
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(Updated at 1040 hrs)

Karnataka Bank has gained 2% on a rise in Q4 net profit.

The stock opened up a per cent at Rs 146. It soon surged 4% to a high of Rs 151 and is now up 2% at Rs 147. In the process, the stock has rallied 68% in the past month. Around 114,550 shares have traded hands at the counter on the BSE so far.

According to a release issued by the bank to the BSE, the net profit has increased 3% to Rs 83.14 crore in Q4FY09 from Rs 80.78 crore in the corresponding quarter a year ago. The total income has surged 35% to Rs 641.8 crore from Rs 475.18 crore.

Futher the bank has announced that it will seek shareholders' approval to raise Rs 500 crore through qualified institutional placement (QIP).