Bank of Baroda gains as MCLR kept unchanged

Bank of Baroda rose 1.10% to Rs 138.25 at 14:47 IST on BSE after the bank said that it has decided to keep marginal cost of funds based lending rates unchanged.

The announcement was made during market hours today, 5 September 2017.

Meanwhile, the S&P BSE Sensex was up 141.45 points, or 0.45% to 31,843.70.

On the BSE, 7.95 lakh shares were traded in the counter so far, compared with average daily volumes of 16.79 lakh shares in the past two weeks. The stock had hit a high of Rs 138.65 and a low of Rs 136.05 so far during the day. The stock hit a 52-week high of Rs 202.45 on 5 May 2017. The stock hit a 52-week low of Rs 135.80 on 4 September 2017.

The stock had underperformed the market over the past one month till 4 September 2017, falling 13.97% compared with 1.93% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.63% as against Sensex's 1.64% rise. The scrip had also underperformed the market in past one year, falling 17.82% as against Sensex's 11.11% rise.

The large-cap bank has equity capital of Rs 460.83 crore. Face value per share is Rs 2.

Bank of Baroda said that it has kept marginal cost of funds based lending rates (MCLR) for various maturities from 7 September 2017 at the existing level after the review.

Separately, the state-run bank said that Life Insurance Corporation of India sold 2.039% or 4.69 crore shares of the bank in the open market from 10 July 2017 to 1 September 2017. After the sale, LIC now holds 7.249% stake in the bank. The announcement was made after market hours yesterday, 4 September 2017.

Bank of Baroda's net profit fell 52% to Rs 203.39 crore on 1.9% rise in operating income to Rs 12103.86 crore in Q1 June 2017 over Q1 June 2016.

Government of India holds 59.24% stake in Bank of Baroda as per the shareholding pattern as on 30 June 2017.

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