Karnataka Bank soars after ICICI Bank picks up stake

Karnataka Bank rose 9.03% to Rs 159.35 at 15:11 IST on BSE as latest shareholding disclosure showed that ICICI Bank held 1.09% stake in Karnataka Bank as on 31 March 2017.

The shareholding pattern was disclosed after market hours yesterday, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 215.69 points, or 0.73% to 29,791.43.

On the BSE, 23.64 lakh shares were traded in the counter so far, compared with average daily volumes of 3.87 lakh shares in the past one quarter. The stock had hit a high of Rs 161.70 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 146.50 so far during the day. The stock hit a 52-week low of Rs 83.76 on 11 April 2016.

The stock had outperformed the market over the past one month till 10 April 2017, rising 7.15% compared with 2.17% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.65% as against Sensex's 9.95% rise.

The mid-cap company has equity capital of Rs 282.70 crore. Face value per share is Rs 10.

As on 31 March 2017, ICICI Bank held 30.72 lakh shares, or 1.09% stake, in Karnataka Bank.

Karnataka Bank's net profit fell 29.3% to Rs 68.52 crore on 6.4% increase in operating income to Rs 1457.52 crore in Q3 December 2016 over Q3 December 2015.

Karnataka Bank is a private sector bank in India.

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