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Bank of Maharashtra gains after Govt hikes stake

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of rose 2.48% to Rs 26.90 at 12:16 on after the of raised its stake in the to 82.91% from 81.61% earlier.

The announcement was made during trading hours today, 11 August 2017.

Meanwhile, the S&P Sensex was down 213.95 points, or 0.68% to 31,317.38.

On the BSE, 44,000 shares were traded in the counter so far, compared with average daily volumes of 31,283 shares in the past one quarter. The stock had hit a high of Rs 28.25 and a low of Rs 25.10 so far during the day. The stock hit a 52-week high of Rs 40.70 on 4 May 2017. The stock hit a 52-week low of Rs 25 on 9 November 2016.

The stock had underperformed the market over the past one month till 10 August 2017, falling 9.33% compared with 0.86% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 22.68% as against Sensex's 4.45% rise. The scrip had also underperformed the market in past one year, falling 15.46% as against Sensex's 13.18% rise.

The mid-cap company has equity capital of Rs 1168.33 crore. Face value per share is Rs 10.

of said that its board allotted 8.88 crore equity shares at Rs 33.75 each to the of (GoI) on preferential basis. Consequently, shareholding of GoI in has increased from 81.61% to 82.91%.

Bank of Maharashtra reported net loss of Rs 412.20 crore in Q1 June 2017 as against net loss of Rs 397.40 crore in Q1 June 2016. Operating income declined 6.8% to Rs 3209.84 crore in Q1 June 2017 over Q1 June 2016.

The of (GoI) held 81.61% stake in Bank of Maharashtra (as per the shareholding pattern as on 30 June 2017).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 12:17 IST