Syndicate Bank skids after keeping MCLRs unchanged

Syndicate Bank declined 1.76% to Rs 64.25 at 12:15 IST on BSE after the bank said that it has kept marginal cost of funds based lending rates unchanged for various tenors with effect from 10 February 2018 after the latest review.

The announcement was made during market hours today, 9 February 2018.

Meanwhile, the S&P BSE Sensex was down 462.83 points, or 1.34%, to 33,950.33. The S&P BSE Mid-Cap index was down 97.20 points, or 0.58%, to 16,551.87, outperforming the Sensex.

On the BSE, 1.04 lakh shares were traded in the counter so far compared with an average volume of 4.11 lakh shares in the past one quarter. The stock had hit a high of Rs 65.25 and a low of Rs 63.60 so far during the day. The stock had hit a 52-week high of Rs 95.65 on 27 November 2017. The stock had hit a 52-week low of Rs 60.10 on 6 February 2018.

The stock had underperformed the market over the past 30 days till 8 February 2018, falling 17.53% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 23.19% as against Sensex's 3.6% rise. The scrip had also underperformed the market in past one year, shedding 9.17% as against Sensex's 21.64% rise.

The mid-cap state-run bank has equity capital of Rs 1041.30 crore. Face value per share is Rs 10.

The bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.95%, the rate for one month will be 8% and for three months it will be 8.05%. The MCLR on 6-month loans will be 8.25% and for one-year loans the rate will be 8.45%, the bank said.

The bank announces Q3 results today, 9 February 2018. Syndicate Bank's net profit rose 27.7% to Rs 105.24 crore on 2.4% decline in total income to Rs 6419.21 crore in Q2 September 2017 over Q2 September 2016.

Government of India held 63.34% stake in Syndicate Bank (as per the shareholding pattern as on 31 December 2017).

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