Karur Vysya Bank gains on stock split plan

Karur Vysya Bank rose 1.16% to Rs 475.55 at 9:29 IST on BSE after the bank said it has sought shareholders' approval for a 5-for-1 stock split.

The announcement was made after market hours yesterday, 27 September 2016.

Meanwhile, the BSE Sensex was up 36.66 points, or 0.13%, to 28,260.36.

On BSE, so far 812 shares were traded in the counter, compared with average daily volume of 24,813 shares in the past one quarter. The stock hit a high of Rs 476 and a low of Rs 473 so far during the day. The stock hit a 52-week high of Rs 541.40 on 11 July 2016. The stock hit a 52-week low of Rs 393.90 on 29 February 2016. The stock had underperformed the market over the past 30 days till 27 September 2016, falling 5.58% compared with 1.15% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.98% as against Sensex's 5.55% rise.

The mid-cap private sector bank has equity capital of Rs 121.86 crore. Face value per share is Rs 10.

Karur Vysya Bank said it has sought shareholders' approval for a proposal of splitting each share into five shares (5-for-1). Shareholders will vote for the proposal through a postal ballot process.

Karur Vysya Bank's net profit rose 8.7% to Rs 146.35 crore on 1.9% rise in operating income to Rs 1547.31 crore in Q1 June 2016 over Q1 June 2015.

Karur Vysya Bank has 667 branches and 1655 ATMs as on 31 March 2016.

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