Karur Vysya Bank gains on signing MoU with Daimler India Commercial Vehicles

Karur Vysya Bank gained 0.9% to Rs 578 at 9:55 IST on BSE after the bank said it has signed an memorandum of understanding with Daimler India Commercial Vehicles on 5 January 2015.

The bank made announcement after market hours yesterday, 7 January 2015.

Meanwhile, the BSE Sensex was up 228.46 points, or 0.85%, to 27,137.28.

On BSE, so far 308 shares were traded in the counter, compared with an average volume of 13,521 shares in the past one quarter.

The stock hit a high of Rs 580 and a low of Rs 576 so far during the day. The stock hit a 52-week high of Rs 589 on 5 January 2015. The stock hit a 52-week low of Rs 310 on 26 February 2014.

The stock had outperformed the market over the past one month till 7 January 2015, rising 3.53% compared with 5.44% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.43% as against Sensex's 2.42% rise.

The mid-cap private sector bank has an equity capital of Rs 121.02 crore. Face value per share is Rs 10.

Karur Vysya Bank (KVB) has signed an memorandum of understanding (MoU) with Daimler India Commercial Vehicles on 5 January 2015 for financing buyers of trucks manufactured by the company under the brand name "Bharath Benz". KVB will offer loans to the buyers of new Bharath Benz trucks at bank's sole discretion, as per bank's internal eligibility criteria, subject to the terms and conditions set out by the bank in this regard. The MoU shall be for a term of three years and may be extended to such further period as agreed by both the parties.

Karur Vysya Bank's net profit rose 9.2% to Rs 90.50 crore on 8.4% rise in total income to Rs 1494.86 crore in Q2 September 2014 over Q2 September 2013.

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