Canara Bank rose 0.38% to Rs 291.10 at 12:30 IST on BSE after the bank said its board of directors approved reduction in the bank's base rate by 25 basis points to 9.65% from 9.9% for loans/advances with effect from 7 October 2015.
The announcement was made after market hours yesterday, 5 October 2015.
Meanwhile, the S&P BSE Sensex was up 14.74 points or 0.06% at 26,800.29.
On BSE, so far 1.29 lakh shares were traded in the counter as against average daily volume of 3.33 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.32% at the day's high of Rs 293.85 so far during the day. The stock fell as much as 0.43% at the day's low of Rs 288.75 so far during the day. The stock had hit a 52-week high of Rs 478.40 on 28 January 2015. The stock had hit a 52-week low of Rs 250.85 on 4 September 2015.
The stock had outperformed the market over the past one month till 5 October 2015, surging 13.06% compared with the Sensex's 6.28% rise. The scrip had also outperformed the market in past one quarter, advancing 0.85% as against Sensex's 4.65% fall.
The large-cap PSU bank has equity capital of Rs 542.99 crore. Face value per share is Rs 10.
Canara Bank's net profit dropped 40.7% to Rs 478.84 crore on 4.5% growth in total income to Rs 12252.64 crore in Q1 June 2015 over Q1 June 2014.
The Government of India holds 66.3% stake in Canara Bank (as per the shareholding pattern as on 30 September 2015).
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