Indian Bank declines after cutting BPLR and base rate

Indian Bank declined 0.21% to Rs 145.50 at 10:95 IST on BSE after the bank reduced the base rate from 10.25% to 9.95% per annum and the benchmark prime lending rate by 30 basis points from 14.5% to 14.2% per annum with effect from 8 June 2015.

The announcement about reduction in base rate and BPLR rate was made after market hours yesterday, 8 June 2015.

Meanwhile, the BSE Sensex was down 20.82 points, or 0.08%, to 26,502.27.

On BSE, so far 2,340 shares were traded in the counter, compared with an average volume of 28,571 shares in the past one quarter.

The stock hit a high of Rs 145.80 and a low of Rs 144.70 so far during the day. The stock hit a 52-week high of Rs 224.20 on 1 January 2015. The stock hit a 52-week low of Rs 131.60 on 13 August 2014.

The stock had outperformed the market over the past one month till 8 June 2015, rising 0.03% compared with 2.15% decline in the Sensex. The scrip had however underperformed the market in past one quarter, declining 16.66% as against Sensex's 9.94% fall.

The mid-cap public sector bank has an equity capital of Rs 480.29 crore. Face value per share is Rs 10 .

Indian Bank's net profit declined 24% to Rs 206.16 crore on 4.1% rise in total income to Rs 4410.49 crore in Q4 Mach 2015 over Q4 March 2014.

As per the shareholding pattern, the government of India held 82.1% stake in the bank as at 31 March 2015.

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