State Bank of Mysore gains after reducing base rate

State Bank of Mysore rose 2.77% to Rs 422.85 at 09:51 IST on BSE after the bank revised downward the base rate from 10% to 9.9% effective from 21 September 2015.

The bank made the announcement after market hours yesterday, 21 September 2015.

Meanwhile, the S&P BSE Sensex was up 84.06 points or 0.32% at 26,277.04

On BSE, so far 510 shares were traded in the counter as against average daily volume of 2,438 shares in the past one quarter.

The stock hit a high of Rs 433.05 and a low of Rs 415.40 so far during the day. The stock had hit a 52-week high of Rs 594.40 on 1 December 2014. The stock had hit a 52-week low of Rs 392.55 on 7 September 2015.

The small-cap bank has equity capital of Rs 48.01 crore. Face value per share is Rs 10.

State Bank of Mysore said that the bank's benchmark prime lending rate continues to be at the same level of 15%.

State Bank of Mysore's net profit rose 25.8% to Rs 94.07 crore on 4.5% growth in total income to Rs 1951.66 crore in Q1 June 2015 over Q1 June 2014.

State Bank of Mysore is a subsidiary of State Bank of India (SBI), India's biggest commercial bank in terms of branch network. SBI holds 90% stake in State Bank of Mysore (as per the shareholding pattern as on 30 June 2015)

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