Indian Bank gained 1.61% to Rs 356.60 at 12:22 IST on BSE after the bank said it has hiked its marginal cost of funds based lending rate by 5 to 10 basis points for various tenors effective from 11 June 2018.
The announcement was made after market hours yesterday, 7 June 2018.Meanwhile, the S&P BSE Sensex was down 185.44 point or 0.52% at 35,277.64.
On the BSE, 65,000 shares were traded on the counter so far as against average daily volumes of 96,000 shares in the past two weeks. The stock had hit a high of Rs 360 and a low of Rs 347 so far during the day. The stock had hit a record high of Rs 428 on 17 November 2017. The stock had hit a 52-week low of Rs 254 on 28 September 2017.
The large-cap bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.
Indian Bank announced that it has hiked its marginal cost of funds based lending rates (MCLR) by 5 to 10 basis points (bps) across various tenors with effect from 11 June 2018. The bank's MCLR for overnight loans will be 8%, for one month will be 8.1% and for three months will be 8.3%. The MCLR on 6-month loans will be 8.4% and for one-year loans the rate would be 8.5%, the bank said. MCLR for three-year loans would be at 8.7% and loans with five-year maturity would carry an MCLR of 8.95%, the bank said.
Indian Bank's net profit dropped 58.72% to Rs 131.98 crore on 7.66% growth in total income to Rs 4954.21 crore in Q4 March 2018 over Q4 March 2017.
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The Government of India held 81.874% stake in Indian Bank as per the shareholding pattern as on 31 March 2018.
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