Andhra Bank gains after allotment of shares to government

Andhra Bank rose 2.22% to Rs 62.15 at 10:45 IST on BSE after the bank said it has allotted 3 crore equity shares at Rs 66.59 per share for a consideration of about Rs 200 crore to the Government of India on preferential allotment basis.

The announcement was made before market hours today, 23 December 2013.

Meanwhile, the S&P BSE Sensex was up 92.10 points or 0.44% at 21,171.82.

On BSE, so far 46,000 shares were traded in the counter as against average daily volume of 3.25 lakh shares in the past one quarter.

The stock hit a high of Rs 62.15 and a low of Rs 61.20 so far during the day. The stock had hit a 52-week high of Rs 130 on 8 January 2013. The stock had hit a 52-week low of Rs 47.30 on 3 September 2013.

The stock had underperformed the market over the past one month till 20 December 2013, declining 0.65% compared with the Sensex's 2.15% rise. The scrip had, however, outperformed the market in past one quarter, jumping 9.85% as against Sensex's 4.03% rise.

The mid-cap bank has equity capital of Rs 559.58 crore. Face value per share is Rs 10.

Andhra Bank's net profit declined 78.3% to Rs 70.65 crore on 11.7% growth in total income to Rs 3817.57 crore in Q2 September 2013 over Q2 September 2012.

The Government of India (GoI) held 58% stake in Andhra Bank (as per the shareholding pattern as on 30 September 2013).

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