Canara Bank inches up after board's nod for preferential allotment to govt

Canara Bank rose 1.32% to Rs 284.20 at 14:25 IST on BSE after the bank said its board of directors approved preferential allotment of equity shares of the bank amounting to Rs 947 crore in favour of Government of India.

The announcement was made during market hours today, 31 August 2015.

Meanwhile, the S&P BSE Sensex was down 98.47 points or 0.37% at 26,293.91.

On BSE, so far 2.13 lakh shares were traded in the counter as against average daily volume of 2.80 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.99% at the day's high of Rs 288.90 so far during the day. The stock fell as much as 1.03% at the day's low of Rs 277.60 so far during the day. The stock had hit a 52-week high of Rs 478.40 on 28 January 2015. The stock had hit a 52-week low of Rs 254.30 on 29 July 2015.

The stock had outperformed the market over the past one month till 28 August 2015, surging 7.68% compared with Sensex's 3.89% fall. The scrip had, however, underperformed the market in past one quarter, declining 17.89% as against Sensex's 4.05% fall.

The large-cap PSU bank has equity capital of Rs 515.20 crore. Face value per share is Rs 10.

Canara Bank's net profit dropped 40.7% to Rs 478.84 crore on 4.5% rise in total income to Rs 12252.64 crore in Q1 June 2015 over Q1 June 2014.

The Government of India holds 64.48% stake in the Canara Bank (as per the shareholding pattern as on 30 June 2015).

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