RBL Bank gains after large bulk deal

RBL Bank rose 0.83% to Rs 512 at 15:21 IST on BSE after a bulk deal of 60.28 lakh shares was executed on the scrip at Rs 517.50 per share at 10:03 IST on BSE.

Meanwhile, the S&P BSE Sensex was up 115.99 points, or 0.35% to 33,704.07

Bulk deal boosted volume on the scrip. On the BSE, 67.15 lakh shares were traded in the counter so far, compared with average daily volumes of 4.31 lakh shares in the past one quarter. The stock had hit a high of Rs 525.75 and a low of Rs 510 so far during the day. The stock hit a record high of Rs 600 on 3 May 2017. The stock hit a 52-week low of Rs 325.65 on 28 December 2016.

The stock had underperformed the market over the past one month till 23 October 2017, falling 3.17% compared with 1.83% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 0.39% as against Sensex's 0.86% rise. The scrip, however, outperformed the market in past one year, surging 50.17% as against Sensex's 15.36% rise.

The large-cap company has equity capital of Rs 416.38 crore. Face value per share is Rs 10.

RBL Bank's net profit rose 67.56% to Rs 150.62 crore on 24.4% growth in total income to Rs 1332.36 crore in Q2 September 2017 over Q2 September 2016.

RBL Bank is one of India's fastest growing private sector banks with an expanding presence across the country. The bank offers specialized services under six business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, agribusiness banking, development banking and financial inclusion, treasury and financial markets operations.

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