South Indian Bank hits record high

South Indian Bank surged 5.84% to Rs 34.45 at 11:19 IST on BSE after Mohnish Pabrai, a leading US-based fund manager bought 1.96 crore shares of South Indian Bank at Rs 32.50 per share on Friday, 4 July 2014.

Meanwhile, the S&P BSE Sensex was up 109.29 points or 0.42% at 26,071.35.

On BSE, so far 29.31 lakh shares were traded in the counter as against average daily volume of 46.61 lakh shares in the past two weeks.

The stock hit a high of Rs 35.05 so far during the day, which is a record high for the counter. The stock hit a low of Rs 34 so far during the day.

 

Mohnish Pabrai, a leading US-based fund manager bought 1.96 crore shares of Kerala-based South Indian Bank. He bought the shares through his Pabrai Investment Fund (PIF) for Rs 32.50 each on BSE. He bought 1.45 crore shares from Renuka Ramnath's Multiples Equity and the rest from the open market.

South Indian Bank's net profit declined 19% to Rs 124.60 crore on 8.8% growth in total income to Rs 1399.18 crore in Q4 March 2014 over Q4 March 2013.

South Indian Bank is a Kerala-based private-sector bank.

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