Syndicate Bank vaults on bargain hunting

Syndicate Bank rose 4.48% to Rs 58.30 at 14:16 IST on BSE on bargain hunting after a recent slide.

Meanwhile, the S&P BSE Sensex was up 102.50 points, or 0.30% to 33,877.16.

On the BSE, 7.52 lakh shares were traded in the counter so far compared with average daily volumes of 4.55 lakh shares in the past one quarter. The stock had hit a high of Rs 59 and a low of Rs 54.40 so far during the day. The stock hit a 52-week high of Rs 95.65 on 27 November 2017. The stock hit a 52-week low of Rs 54.30 on 19 February 2018.

The stock had underperformed the market over the past 30 days till 19 February 2018, falling 29.23% compared with 4.89% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 35.75% as against Sensex's 0.89% rise. The scrip had also underperformed the market in past one year, falling 19.71% as against Sensex's 17.84% rise.

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

Shares of Syndicate Bank fell 15.13% in four trading sessions to settle at Rs 55.80 yesterday, 19 February 2018, from its close of Rs 65.75 on 12 February 2018.

Shares of several state-run banks declined sharply in the past few days amid concerns over the $1771.69 million Punjab National Bank fraud involving billionaire jeweller Nirav Modi.

Syndicate Bank reported net loss of Rs 869.77 crore in Q3 December 2017 as against net profit of Rs 93.56 crore in Q3 December 2016. Total income declined 9.29% to Rs 5945.15 crore in Q3 December 2017 over Q3 December 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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