Bank of Maharashtra nudges higher after keeping base rate unchanged

Bank of Maharashtra rose 1.75% to Rs 26.10 at 10:25 IST on BSE after the bank said that it has kept base rate unchanged at 9.6%.

The announcement was made after market hours yesterday, 6 December 2017.

Meanwhile, the S&P BSE Sensex was up 156.20 points, or 0.48% to 32,753.38. The S&P BSE Mid-Cap index was up 138.66 points, or 0.83% to 16,801.54, outperforming the Sensex.

On the BSE, 2,361 shares were traded in the counter so far, compared with average daily volumes of 45,421 shares in the past one quarter. The stock had hit a high of Rs 26.15 and a low of Rs 25.60 so far during the day. The stock had hit a 52-week high of Rs 40.70 on 4 May 2017. The stock had hit a 52-week low of Rs 24.50 on 23 October 2017.

The stock had underperformed the market over the past one month till 6 December 2017, falling 7.05% compared with 3.36% drop in the Sensex. The scrip had also underperformed the market in past one quarter, declining 3.2% as against Sensex's 2.95% rise. The scrip had also underperformed the market in past year, slipping 13.61% as against Sensex's 23.51% rise.

The mid-cap psu bank has equity capital of Rs 1257.22 crore. Face value per share is Rs 10.

Bank of Maharashtra also reviewed its marginal cost of funds based lending rates (MCLRs) for various tenors from 7 December 2017. The bank's MCLR for overnight loans will be 8.1%, the rate for one month will be 8.15% and for three months it will be 8.2%. The MCLR on 6-month loans will be 8.55% and for one-year loans the rate will be 8.65%, the bank said.

Base rate is the minimum rate below which banks are not allowed to lend to its customers.

Bank of Maharashtra reported net loss of Rs 23.24 crore in Q2 September 2017 as against net loss of Rs 337.15 crore in Q2 September 2016. Total income rose 0.2% to Rs 3303.62 crore in Q2 September 2017 over Q2 September 2016.

The Government of India (GoI) held 82.91% stake in Bank of Maharashtra (as per the shareholding pattern as on 30 September 2017).

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