Central Bank of India spurts over 34% in five sessions

Central Bank of India jumped 10.87% to Rs 22.95, extending gains since Thursday, 24 October 2019.

The stock is up 34.21% in five trading sessions to its current market price of Rs 22.95, from a recent closing low of Rs 17.10 on 24 October 2019.

Central Bank of India announced after market hours on Tuesday, 29 October 2019, that capital raising committee of the board of directors at the meeting held on 29 October 2019 approved allotment of upto 158.38 crore equity shares at Rs 21.17 each, aggregating to Rs 3,353 crore to the Government of India on preferential basis. The bank said the board approval is subject to the nod of the shareholders, Reserve Bank of India, Securities and Exchange Board of India and other statutory authorities.

Meanwhile, the S&P BSE Sensex was up 167 points or 0.42% to 40,219.28.

On the BSE, 4.78 lakh shares were traded in the counter so far compared with average daily volumes of 82,421 shares in the past two weeks. The stock hit an intraday high of Rs 23.90 and an intraday low of Rs 21 so far during the day.

The stock hit a 52-week high of Rs 38 on 2 January 2019. The stock hit a 52-week low of Rs 15.55 on 9 October 2019.

The bank will announce its Q2 results on 1 November 2019. It reported a net profit of Rs 118.33 crore in Q1 June 2019 over a net loss of Rs 1,522.24 crore in Q1 June 2018. Total income rose 10% to Rs 6,493.55 crore in Q1 June 2019 over Q1 June 2018.

Central Bank of India is a public sector bank. Government of India holds 89.46% stake in the bank (as on 30 June 2019).

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