Central Bank of India extends Tuesday's rally

Central Bank of India rose 1.33% to Rs 65 at 9:56 IST on BSE, with the stock extending recent rally triggered by bank fixing the issue price at Rs 58.85 per share for preferential issue of shares aggregating Rs 1800 crore in favour of the government.

Meanwhile, the S&P BSE Sensex was up 27.45 points or 0.13% at 21,002.24.

On BSE, 2.46 lakh shares were traded in the counter as against average daily volume of 1.45 lakh shares in the past one quarter.

The stock hit a high of Rs 66 and a low of Rs 63.60 so far during the day. The stock had hit a 52-week high of Rs 95.60 on 9 January 2013. The stock had hit a 52-week low of Rs 48.90 on 28 August 2013.

The stock had outperformed the market over the past one month till 5 November 2013, advancing 25.54% compared with the Sensex's 5.32% rise. The scrip had also outperformed the market in past one quarter, surging 15.79% as against Sensex's 9.34% rise.

The mid-cap state-run bank has equity capital of Rs 1044.58 crore. Face value per share is Rs 10.

Shares of Central Bank of India have surged 10.35% in two trading sessions from Rs 58.90 on 3 November 2013 after the bank during trading hours on Tuesday, 5 November 2013 announced that the Capital Raising Committee of the board of the bank at its meeting held on 5 November 2013, has fixed the issue price at Rs 58.85 per equity share for preferential issue of equity shares in favour of Government of India (GoI). Accordingly, the bank will allot 30.58 crore equity shares to GoI on preferential basis, thereby raising Rs 1800 crore. The stock had spurted 8.91% to settle at Rs 64.15 on Tuesday, 5 November 2013.

The GoI currently holds 85.31% stake in Central Bank of India (as per the shareholding pattern as on 30 September 2013).

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