South Indian Bank gains after board plans to consider rights issue

South Indian Bank rose 1.14% to Rs 22.20 at 10:40 IST on BSE as the bank's board of directors will meet on 21 December 2016, to consider a proposal to augment the paid-up capital by issue of equity shares on rights basis.

The announcement was made during market hours today, 14 December 2016.

Meanwhile, the BSE Sensex was down 44.52 points, or 0.17%, to 26,653.30.

On the BSE, 6.29 lakh shares were traded in the counter so far as against average daily volume of 7.39 lakh shares in the past one quarter. The stock hit high of Rs 22.50 and low of Rs 21.80 so far during the day. The stock had hit a 52-week high of Rs 25.55 on 7 October 2016. The stock had hit a 52-week low of Rs 16.40 on 29 February 2016.

The stock had underperformed the market over the past one month till 13 December 2016, falling 6% compared with 0.45% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 4.57% as against Sensex's 5.84% decline.

The mid-cap bank has equity capital of Rs 135.17 crore. Face value per share is Re 1.

South Indian Bank's net profit rose 18.4% to Rs 110.52 crore on 4.6% growth in total income to Rs 1596.08 crore in Q2 September 2016 over Q2 September 2015.

South Indian Bank is a private sector bank in India.

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