Syndicate Bank inches up as board to consider preferential share allotment

Syndicate Bank rose 0.42% to Rs 84.40 at 9:17 IST on BSE after the bank said its board of directors will meet on 3 December 2013 to consider issue of equity shares aggregating to Rs 200 crore by way of preferential allotment to Government of India.

The announcement was made after market hours on Thursday, 28 November 2013.

Meanwhile, the S&P BSE Sensex was up 103.02 points or 0.5% at 20,637.93.

On BSE, 1,421 shares were traded in the counter as against average daily volume of 2.49 lakh shares in the past two weeks.

The stock hit a high of Rs 84.70 and a low of Rs 84.40 so far during the day. The stock had hit a 52-week high of Rs 145.20 on 15 January 2013. The stock had hit a 52-week low of Rs 61.05 on 20 August 2013.

Syndicate Bank's net profit rose 1.5% to Rs 470.12 crore on 6.7% growth in total income to Rs 4850.35 crore in Q2 September 2013 over Q2 September 2012.

The Government of India holds 66.17% stake in Syndicate Bank (as per the shareholding pattern as on 30 September 2013).

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