Allahabad Bank rose 1.69% to Rs 135 at 11:35 IST on BSE after the bank announced that it has decided to revise the interest rate downward by 0.15% per annum on domestic retail term deposits scheme from 1 January 2015.
The bank made announcement after trading hours yesterday, 31 December 2014
Meanwhile, the S&P BSE Sensex was down 36.27 points or 0.13% at 27,463.15.
On BSE, so far 1.29 lakh shares were traded in the counter as against average daily volume of 3.92 lakh shares in the past one quarter.
The stock hit a high of Rs 136 and a low of Rs 132 so far during the day. The stock hit a 52-week high of Rs 150 on 11 June 2014. The stock hit a 52-week low of Rs 72.45 on 17 February 2014.
The stock had outperformed the market over the past one month till 31 December 2014, rising 9.48% compared with Sensex's 4.16% fall. The scrip had also outperformed the market in past one quarter, gaining 33.48% as against Sensex's 3.26% rise.
The mid-cap bank has equity capital of Rs 544.61 crore. Face value per share is Rs 10.
Allahabad Bank announced that the bank has decided to revise the interest rate downward by 0.15% per annum (p.a.) i.e. from existing 8.9% p.a. to 8.75% p.a. on domestic retail term deposits scheme having maturity period of one year to less than five years. The revised interest rate will be effective from 1 January 2015.
Allahabad Bank's net profit fell 48.7% to Rs 141.44 crore on 2.1% rise in total income to Rs 5416.63 crore in Q2 September 2014 over Q2 September 2013.
The Government of India holds 58.9% stake in the bank as at 30 September 2014.
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