Corporation Bank hits year high on fund-raising plans

Corporation Bank touched a 52-week high at Rs 356, backed by its decision to issue bonds worth Rs 700 crore on private placement basis.
 
The stock is now up 2% at Rs 352, after opening at Rs 347. The counter has witnessed trades of around 4,163 shares against its two-week average traded quantity of 14,245 shares.

Corporation Bank plans to raise an additional Rs 700 crore from bonds in the second quarter to fund its growing business which may cross Rs 1,50,000 crore this fiscal.

Corporation Bank, the Mangalore-based public sector lender, posted 41.75% rise in its net profit at Rs 261.25 crore for the first quarter of this financial year against the corresponding quarter last year.