Bank of Maharashtra gains after raising base rate

Bank of Maharashtra rose 2% to Rs 38.30 at 11:21 IST on BSE after the state-run bank announced hike in base rate.

The bank made the announcement after market hours on Wednesday, 16 April 2014.

Meanwhile, the BSE Sensex was up 193.96 points, or 0.87%, to 22,471.19

On BSE, so far 44,236 shares were traded in the counter compared with average volume of 84,640 shares in the past one quarter.

The stock hit a high of Rs 39 and a low of Rs 37.85 so far during the day. The stock hit a 52-week high of Rs 62.65 on 30 April 2013. The stock hit a 52-week low of Rs 29.10 on 28 February 2014.

The stock had outperformed the market over the past one month till 16 April 2014, rising 19.97% compared with the Sensex's 2.14% rise. The scrip also outperformed the market in past one quarter, rising 5.77% as against Sensex's 4.76% rise.

The small-cap state-run bank has an equity capital of Rs 839.10 crore. Face value per share is Rs 10.

Bank of Maharashtra said that the Base Rate of the bank is increased by 15 basis points (bps) from 10.25% per annum (pa) to 10.40% pa on monthly compounding basis, with effect from 21 April 2014.

Bank of Maharashtra's net profit slumped 91.8% to Rs 15.85 crore on 22% increase in total income to Rs 3307.49 crore in Q3 December 2013 over Q3 December 2012.

Government of India holds 85.21% stake in Bank of Maharashtra (as per the shareholding pattern as on 31 March 2014).

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