State Bank of Travancore drops after allotment of rights shares

State Bank of Travancore fell 2.55% to Rs 445.10 at 10:14 IST on BSE after the bank said it has allotted 1.18 crore equity shares at Rs 400 per share on rights basis in the ratio of 1:5.

The announcement was made during market hours today, 15 April 2015.

Meanwhile, the S&P BSE Sensex was down 65.75 points or 0.23% at 28,978.69.

On BSE, so far 865 shares were traded in the counter as against average daily volume of 10,467 shares in the past one quarter.

The stock hit a high of Rs 452 and a low of Rs 443.15 so far during the day. The stock had hit a 52-week low of Rs 370.09 on 8 May 2014. The stock had hit a 52-week high of Rs 630.68 on 11 June 2014.

The stock had underperformed the market over the past one month till 13 April 2015, sliding 1.22% compared with Sensex's 1.9% rise. The scrip had also underperformed the market in past one quarter, declining 11.63% as against Sensex's 5.9% rise.

The mid-cap public sector bank has equity capital of Rs 71.10 crore. Face value per share is Rs 10.

State Bank of Travancore's net profit jumped 403.7% to Rs 74.34 crore on 1% growth in total income to Rs 2627.06 crore in Q3 December 2014 over Q3 Decmber 2013.

The Government of India held 78.91% stake in State Bank of Travancore (as per the shareholding pattern as on 31 December 2014).

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