State Bank of Travancore gains as board to review rights issue size

State Bank of Travancore rose 2.16% to Rs 605 at 13:02 IST on BSE after the bank said its board of directors will meet on 20 June 2014 to consider and review the issue size of the proposed rights issue of the equity shares of the bank.

The announcement was made during market hours today, 17 June 2014.

Meanwhile, the S&P BSE Sensex was down 2.35 points or 0.01% at 25,188.13.

On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 11,203 shares in the past one quarter.

The stock hit a high of Rs 617.65 and a low of Rs 577 so far during the day. The stock had hit a 52-week high of Rs 662.90 on 11 June 2014. The stock had hit a 52-week low of Rs 364.50 on 14 March 2014.

The stock had outperformed the market over the past one month till 16 June 2014, surging 39.32% compared with the Sensex's 4.43% rise. The scrip had also outperformed the market in past one quarter, jumping 61.96% as against Sensex's 15.5% rise.

The mid-cap bank has equity capital of Rs 59.25 crore. Face value per share is Rs 10.

It may be recalled that the board of directors of State Bank of Travancore had on 26 March 2014 given in-principle approval for raising up to Rs 629 crore from rights issue.

State Bank of Travancore's net profit declined 70.7% to Rs 48.58 crore on 9% growth in total income to Rs 2773.37 crore in Q4 March 2014 over Q4 March 2013.

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 78.91% stake in State Bank of Travancore (as per the shareholding pattern as on 20 May 2014).

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