SBT jumps as board to consider preferential issue, rights issue and interim dividend

State Bank of Travancore surged 7.37% to Rs 395.70 at 10:48 IST on BSE after the bank scheduled a board meeting on 21 March 2014 to consider preferential and rights issue of shares along with interim dividend.

Meanwhile, the S&P BSE Sensex was up 33.32 points or 0.15% at 21,865.93

On BSE, so far 16,232 shares were traded in the counter as against an average daily volume of 2,297 shares in the past one quarter.

The stock hit a high of Rs 398.50 and a low of Rs 370.15 so far during the day. The stock had hit a 52-week high of Rs 574 on 8 May 2013. The stock had hit a 52-week low of Rs 364.50 on 14 March 2014.

The stock had underperformed the market over the past one month till 18 March 2014, falling 0.73% compared with the Sensex's 5.81% rise. The scrip had also underperformed the market in past one quarter, sliding 13.08% as against Sensex's 4.66% rise.

The small-cap bank has an equity capital of Rs 50 crore. Face value per share is Rs 10.

State Bank of Travancore (SBT) after market hours on Tuesday, 18 March 2014 said its board of directors will meet on Friday, 21 March 2014 to consider preferential allotment of shares and also to consider rights issue to the shareholders of the bank. The Board will also consider declaration of interim dividend to the shareholders of the bank. The bank has fixed 4 April 2014 as the record date for the purpose of payment of interim dividend, if declared.

SBT's net profit declined 88.8% to Rs 14.76 crore on 13.3% growth in total income to Rs 2601.99 crore in Q3 December 2013 over Q3 December 2012.

State Bank of Travancore is an affiliate of State Bank of India (SBI), which is India's biggest commercial bank in terms of branch network. SBI holds 75% stake in State Bank of Travancore (as per the shareholding pattern as on 31 December 2013).

Powered by Capital Market - Live News