Canara Bank gained 1.22% to Rs 306.40 at 11:15 IST on BSE after the bank said that its board of directors at a meeting on 23 September 2016 will consider raising of capital by way of a rights issue.
The announcement was made after market hours yesterday, 19 September 2016.Meanwhile, the S&P BSE Sensex was down 84.67 points or 0.3% at 28,549.83.
On BSE, so far 1.22 lakh shares were traded in the counter as against average daily volume of 4.55 lakh shares in the past one quarter. The stock hit a high of Rs 308 and a low of Rs 303.25 so far during the day. The stock had hit a 52-week high of Rs 316.75 on 9 September 2016. The stock had hit a 52-week low of Rs 156.20 on 29 February 2016. The stock had outperformed the market over the past one month till 19 September 2016, rising 13.69% compared with Sensex's 1.99% rise. The scrip had also outperformed the market in past one quarter, surging 49.19% as against Sensex's 7.54% rise.
The large-cap PSU bank has equity capital of Rs 542.99 crore. Face value per share is Rs 10.
Canara Bank said that the board of directors of the bank at a meeting scheduled on 23 September 2016 will note the consent of the Government of India on infusion of capital and rights issue. The board will also consider raising of capital by way of a rights issue and strengthening of capital to risk weighted assets ratio (CRAR) of the bank in that meet.
Canara Bank's net profit fell 52.2% to Rs 228.95 crore on 3.8% decline in total income to Rs 11786.35 crore in Q1 June 2016 over Q1 June 2015.
The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 30 June 2016.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
