Thursday 28 November 2013

Canara Bank gains despite buzz of stake sale by EMS Free Equity Index Fund

Emerging Markets Sudan (EMS) Free Equity Index Fund has reportedly offloaded 23 lakh shares constituting 0.51% of Canara Bank through the open market route. The shares were sold on an average price of Rs 237.51 valuing the transaction to Rs 54.70 crore.

Canara bank has reported a fall of 5.29% in its net profit at Rs 625.94 crore for the quarter ended September 30, 2013 as compared to Rs 660.97 crore for the same quarter in the previous year. However, total income of the bank increased by 13.29% at Rs 10427.48 crore for quarter under review as compared to Rs 9203.61 crore for the quarter ended September 30, 2012.

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