Tuesday 24 December 2013

Andhra Bank surges on receiving Rs 200-crore capital infusion from government

Andhra Bank is currently trading at Rs. 62.50, up by 0.40 points or 0.64 % from its previous closing of Rs. 62.10 on the BSE.

The scrip opened at Rs. 62.70 and has touched a high and low of Rs. 63.35 and Rs. 62.50 respectively. So far 31278 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 130.00 on 08-Jan-2013 and a 52 week low of Rs. 47.30 on 03-Sep-2013.

Last one week high and low of the scrip stood at Rs. 62.70 and Rs. 58.10 respectively. The current market cap of the company is Rs. 3661.51 crore.

The promoters holding in the company stood at 58.00 % while Institutions and Non-Institutions held 22.97 % and 19.02 % respectively.

Public sector lender, Andhra Bank has received capital infusion of nearly Rs 200 crore from the government. The shareholders of the Bank at the Extraordinary General Meeting held on December 19, 2013, at Hyderabad, had authorised to issue 3,00,34,539 equity shares of Rs 10 each to Government of India (GOI) on preferential allotment basis at Rs 66.59  per equity share (including a premium of Rs 56.59 per share).

As on September 30, 2013, the government held a 58% stake in the bank, while FIIs, DIIs and others held 11.19%, 11.78% and 19.03%, respectively.

Andhra Bank has reported a fall of 78.30% in its net profit at Rs 70.65 crore for the quarter ended September 30, 2013 as compared to Rs 325.63 crore for the same quarter in the previous year. However, total income of the bank increased by 11.74% at Rs 3817.57 crore for quarter under review as compared to Rs 3416.55 crore for the quarter ended September 30, 2012.

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