Allahabad Bank today opened at Rs 54, up Rs 2, it then touched a low of Rs 53. The stock touched a high of 57.65 on the back of good Q4 results. The stock finally gained 8% (Rs 4), at Rs 57. A total of 1.26 million shares were traded on the BSE today.
Updated at 1449 hrs
Allahabad Bank today opened at Rs 54, up Rs 2, it then touched a low of Rs 53. Unabated buying at the counter helped the stock remain firm. The stock got further fillip after the bank announced its Q4 results, and soon soared to a high of Rs 57.65.
The stock is currently trading at Rs 57, up over 9% from the previous close. The counter has seen trades of around 1 million shares on the BSE so far.
According to a release issued by the Allahabad Bank to the BSE today, the bank's Q4 net profit for the quarter ended March 31, 2009, rose over 55% to Rs 264.08 crore as against Rs 169.50 crore in the corresponding quarter a year ago.
Total Income has increased by nearly 20% to Rs 2,373.37 crore for the quarter ended March 31, 2009 when compared with Rs 1,980.16 crore for the quarter ended March 31, 2008.