Syndicate Bank dropped 1.38% at Rs 67.80 at 10:30 IST on BSE on profit booking after the bank kept marginal cost of funds based lending rates, base rate and benchmark prime lending rate unchanged with effect from 10 October 2017.The announcement was made after market hours yesterday, 10 October 2017.
On the BSE, 25,624 shares were traded in the counter so far, compared with an average volume of 2.35 lakh shares in the past one quarter. The stock had hit a high of Rs 68.95 and a low of Rs 67.70 so far during the day. The stock had hit a 52-week high of Rs 94.90 on 9 May 2017. The stock had hit a 52-week low of Rs 59.20 on 27 December 2016.
The stock had risen 9.91% in six sessions to settle at Rs 68.75 yesterday, 10 October 2017, from a close of Rs 62.55 on 29 September 2017.
The stock had outperformed the market over the past one month till 10 October 2017, gaining 8.87% compared with the Sensex's 0.75% rise. The stock had, however, underperformed the market over the past one quarter, falling 12.75% as against the Sensex's 0.66% rise. The scrip had also underperformed the market over the past one year, dropping 7.28% as against the Sensex's 13.68% rise.
The mid-cap state-run bank has equity capital of Rs 904.54 crore. Face value per share is Rs 10.
Syndicate Bank has kept marginal cost of funds based lending rates (MCLR) unchanged across the various tenors with effect from 10 October 2017, after the latest review.
The bank's MCLR for overnight loans is 8%, the rate for one month is 8.05% and for three months is 8.1%. The MCLR for 6-month loans is 8.25% and for one-year loans the rate is 8.5%, the bank said.
The base rate was kept unchanged at 9.5% and the benchmark prime lending rate was also kept unchanged at 13.85%. Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to lend to its customers. BPLR is the rate at which commercial banks charge their customers who are most credit worthy.
Syndicate Bank reported net loss of Rs 263.19 crore in Q1 June 2017 compared with net profit of Rs 79.13 crore in Q1 June 2016. Total income fell 3.9% to Rs 6171.49 crore in Q1 June 2017 over Q1 June 2016.
Government of India owned 72.92% stake in Syndicate Bank (as per the shareholding pattern as on 30 September 2017).
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