Canara Bank rose 1.75% to Rs 352.55 at 10:30 IST on BSE after the state-run bank said it has reduced the base rate by 30 basis points to 9.95% for all loans/advances viz. agriculture, MSME sector, retail and export credit with effect from 8 July 2013.
The announcement was made after market hours on Thursday, 4 July 2013.
Meanwhile, the S&P BSE Sensex was up 165.27 points or 0.85% at 19,576.11.
On BSE, 22,000 shares were traded in the counter as against average daily volume of 99,401 shares in the past one quarter.
The stock hit a high of Rs 355.30 and a low of Rs 351 so far during the day. The stock had hit a 52-week high of Rs 550 on 14 January 2013. The stock had hit a 52-week low of Rs 306 on 30 August 2012.
The stock had underperformed the market over the past one month till 4 July 2013, sliding 13.05% compared with the Sensex's 0.69% fall. The scrip had also underperformed the market in past one quarter, declining 11.52% as against Sensex's 4.87% rise.The large-cap state-run bank has equity capital of Rs 443 crore. Face value per share is Rs 10.
Besides cutting lending rate, Canara Bank has also reduced rate of interest on deposits on few maturity slabs.
Canara Bank's net profit declined 12.5% to Rs 725.38 crore on 4.8% growth in total income to Rs 9471.57 crore in Q4 March 2013 over Q4 March 2012.
The Government of India (GoI) holds 67.72% stake in Canara Bank (as per the shareholding pattern as on 30 June 2013).
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