Syndicate Bank in insist as LIC hikes venture

Syndicate Bank in insist as LIC hikes venture

Syndicate Bank jumped 2.78% at Rs. 112.80 at 11:10 IST on BSE after the public sector bank said that Life Insurance Corporation of India picked up additional 2.05% stake in the bank through open market purchase.

The statement was made after market hours on Thursday, 24 February 2011.

Meanwhile, the BSE Sensex was up 55.82 points, or 0.32%, to 17,688.23.

On BSE, 84,000 shares were traded in the counter as beside an average daily volume of 3.22 lakh shares in the past one quarter.

The stock hit a high of Rs. 113.50 and a low of Rs. 111.15 so far during the day. The stock had hit a record high of Rs. 164.20 on 16 November 2010 and a 52-week low of Rs. 79.75 on 25 February 2010.

The stock had outperformed the market over the past one month till 24 February 2011, gaining 0.92% compared with the Sensex's 7.93% decline. The scrip had however underperformed the market in past one quarter, falling 19.95% as against 9.39% decline in the Sensex.

The mid-cap public sector bank has an equity capital of Rs. 521.97 crore. Face value per share is Rs. 10.

Life Insurance Corporation of India (LIC) has acquired 1.07 crore shares, representing 2.05% stake in Syndicate Bank, through open market obtain. After the latest operation,LIC total holding in Syndicate Bank has increased to 11.33% from 9.27%, the state-run bank said in a filing.

Syndicate Bank's net profit rose 24.5% to Rs. 256.19 crore on 17.9% increase in operating income to Rs. 3156.84 crore in Q3 December 2010 over Q3 December 2009.

On BSE, 84,000 shares were traded in the counter as beside an average daily volume of 3.22 lakh shares in the past one quarter.

The stock hit a high of Rs. 113.50 and a low of Rs. 111.15 so far during the day. The stock had hit a record high of Rs. 164.20 on 16 November 2010 and a 52-week low of Rs. 79.75 on 25 February 2010.

The stock had outperformed the market over the past one month till 24 February 2011, gaining 0.92% compared with the Sensex's 7.93% decline. The scrip had however underperformed the market in past one quarter, falling 19.95% as against 9.39% decline in the Sensex.

Source: [India Infoline]

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