Syndicate Bank trades higher on the bourses

Syndicate Bank is currently trading at Rs. 123.05, up by 8.00 points or 6.95% from its previous closing of Rs. 115.05 on the BSE. The scrip opened at Rs. 118.15 and has touched a high and low of Rs. 130.50 and Rs. 117.20 respectively. So far 703908 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 137.60 on 21-May-2013 and a 52 week low of Rs. 61.05 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs. 130.50 and Rs. 97.15 respectively. The current market cap of the company is Rs. 7657.41 crore. The promoters holding in the company stood at 67.39% while Institutions and Non-Institutions held 19.83% and 12.78% respectively. Karnataka based PSU bank Syndicate Bank is planning to open new overseas branches and will approach the Reserve Bank of India (RBI) shortly for clearance. The new branches are being contemplated in South Africa, Dubai International Financial Centre, Hong Kong, Thailand and China. Currently, the bank has only one foreign branch in London. Meanwhile, the bank has opened 317 branches during 2014 and reached a mile stone of 3251 branches as at March 31, 2014 (including a branch in London). The bank has presence in all the States and Union Territories of the country. The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013.