Syndicate Bank moves higher on mulling preferential allotment to Govt

Syndicate Bank rose 1.02% to Rs 64.30 at 9:54 IST on BSE after the bank said that its board of directors will meet on 31 March 2016, to consider issue of equity shares aggregating up to Rs 740 crore to the Government of India on preferential basis.

The announcement was made after market hours yesterday, 28 March 2016.

Meanwhile, the S&P BSE Sensex was up 55.12 points or 0.22% at 25,021.52.

On BSE, so far 48,000 shares were traded in the counter as against average daily volume of 2.79 lakh shares in the past two weeks. The stock hit a high of Rs 64.60 and a low of Rs 63.40 so far during the day. The stock had hit a 52-week high of Rs 118.20 on 29 May 2015. The stock had hit a 52-week low of Rs 49.40 on 17 February 2016.

The mid-cap state-run bank has equity capital of Rs 703.37 crore. Face value per share is Rs 10.

Syndicate Bank reported net loss of Rs 119.67 crore in Q3 December 2015 compared with net profit of Rs 304.99 crore in Q3 December 2014. Total income rose 4.5% to Rs 6188.25 crore in Q3 December 2015 over Q3 December 2014.

The Government of India held 69.24% stake in Syndicate Bank (as per the shareholding pattern as on 31 December 2015).

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