Canara Bank inches up after cutting base rate

Canara Bank rose 0.84% at Rs 347 at 9:17 IST on BSE after the bank said that it has reduced the base rate by 20 basis points from 10.2% to 10% for loans/advances with effect from 11 May 2015.

The announcement was made at the fag end of trading hours on Friday, 8 May 2015.

Meanwhile, the S&P BSE Sensex was up 168.48 points or 0.62% at 27,273.87.

On BSE, so far 3,390 shares were traded in the counter as against average daily volume of 1.32 lakh shares in the past two weeks.

The stock hit a high of Rs 347.05 and a low of Rs 345.30 so far during the day.

Meanwhile, Canara Bank on Saturday, 9 May 2015 said that P S Rawat, Executive Director of the bank is entrusted the additional charge of the Managing Director & CEO of the bank with effect from taking over charge of the post and for the period upto 30 June 2015 or till the date of appointment of regular MD & CEO or until further orders, whichever is the earliest.

Canara Bank's net profit rose 60.2% to Rs 655.97 crore on 11.8% growth in total income to Rs 12227.86 crore in Q3 December 2014 over Q3 December 2013.

The Government of India (GoI) held 69.9% stake in Canara Bank (as per the shareholding pattern as on 31 March 2015).

Powered by Capital Market - Live News