Karnataka Bank gains ground after opening branch

Karnataka Bank rose 1.07% to Rs 151.45 at 14:30 IST on BSE after the bank said that it has opened its branch at Kudthamugeru, Karnataka on 7 December 2017.

The announcement was made during market hours today, 8 December 2017.

Meanwhile, the S&P BSE Sensex was up 310.36 points, or 0.94% to 33,259.57. The S&P BSE Mid-Cap index was up 145.50 points, or 0.86% to 17,039.11, underperforming the Sensex.

On the BSE, 2.48 lakh shares were traded in the counter so far, compared with average daily volumes of 3.02 lakh shares in the past one quarter. The stock had hit a high of Rs 151.85 and a low of Rs 150.35 so far during the day. The stock had hit a 52-week high of Rs 181.15 on 2 June 2017. The stock had hit a 52-week low of Rs 103.60 on 9 December 2016.

The stock had underperformed the market over the past one month till 7 December 2017, falling 5.34% compared with the Sensex's 1.26% drop. The stock had also underperformed the market over the past one quarter, declining 1.09% as against the Sensex's 4.06% rise. The scrip had, however, outperformed the market over the past one year, gaining 41.1% as against the Sensex's 25.58% rise.

The mid-cap bank has equity capital of Rs 282.61 crore. Face value per share is Rs 10.

Karnataka Bank's net profit fell 24.6% to Rs 93.38 crore on 4.7% rise in total income to Rs 1565.75 crore in Q2 September 2017 over Q2 September 2016.

Karnataka Bank is a private sector bank in India.

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