Syndicate Bank drops after keeping MCLRs unchanged

Syndicate Bank dropped 1.19% to Rs 78.85 at 12:21 IST on BSE after the bank said that after the latest review it has kept marginal cost of funds based lending rates unchanged for various tenors with effect from 10 January 2018.

The announcement was made after market hours yesterday, 9 January 2018.

Meanwhile, the S&P BSE Sensex was down 61.45 points, or 0.18%, to 34,381.74. The S&P BSE Mid-Cap index was down 81.39 points, or 0.45%, to 18,092.52, underperforming the Sensex.

On the BSE, 80,631 shares were traded in the counter so far, compared with an average volume of 5.27 lakh shares in the past one quarter. The stock had hit a high of Rs 80.15 and a low of Rs 78.25 so far during the day. The stock had hit a 52-week high of Rs 95.65 on 27 November 2017. The stock had hit a 52-week low of Rs 61.40 on 11 August 2017.

 

The stock had underperformed the market over the past one month till 9 January 2018, dropping 7.53% compared with 3.59% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 20.73% as against Sensex's 8.15% rise. The scrip had, however, underperformed the market in past one year, advancing 25.67% as against Sensex's 28.87% rise.

The mid-cap state-run bank has equity capital of Rs 1041.30 crore. Face value per share is Rs 10.

Marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.95%, the rate for one month will be 8% and for three months it will be 8.05%. The MCLR on 6-month loans will be 8.25% and for one-year loans the rate will be 8.45%, the bank said.

The bank has kept the base rate unchanged at 9.5% and benchmark prime lending rate unchanged at 13.85% as well.

Syndicate Bank's net profit rose 27.7% to Rs 105.24 crore on 2.4% decline in total income to Rs 6419.21 crore in Q2 September 2017 over Q2 September 2016.

Government of India owned 63.34% stake in Syndicate Bank (as per the shareholding pattern as on 31 December 2017).

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