State Bank of Travancore gained 1.09% to Rs 420.25 at 10:20 IST on BSE after the bank said that it has reduced the base rate by 20 basis points from 10.15% to 9.95% effective from 5 October 2015.
The bank made announcement about the reduction in base rate after market hours yesterday, 29 September 2015.
Meanwhile, the S&P BSE Sensex was up 194.65 points or 0.76% at 25,973.31.
On BSE, so far 138 shares were traded in the counter as against average daily volume of 3,203 shares in the past one quarter.
The stock hit a high of Rs 424 and a low of Rs 414.90 so far during the day. The stock had hit a 52-week high of Rs 548.95 on 15 January 2015. The stock had hit a 52-week low of Rs 390 on 7 September 2015.
The stock had outperformed the market over the past one month till 29 September 2015, rising 2.09% compared with 2.33% fall in the Sensex. The scrip had also outperformed the market in past one quarter, sliding 2.56% as against Sensex's 6.75% fall.
The mid-cap public sector bank has equity capital of Rs 71.10 crore. Face value per share is Rs 10.
State Bank of Travancore said that the Benchmark Prime Lending Rate (BPLR) will remain at the same level at 15.15%.
After a policy meet yesterday, 29 September 2015, the Reserve Bank of India (RBI) had cut repo rate by more than expected 50 basis points. One percent is equal to 100 basis points.
Base rate is the minimum rate of interest that a bank is allowed to charge from its customers. Unless mandated by the government, RBI rule stipulates that no bank can offer loans at a rate lower than base rate to any of its customers.
State Bank of Travancore's net profit rose 62.5% to Rs 81.32 crore on 0.3% rise in total income to Rs 2652.14 crore in Q1 June 2015 over Q1 June 2014.
The Government of India held 79.09% stake in State Bank of Travancore (as per the shareholding pattern as on 30 June 2015).
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