Karnataka Bank surges on entering into MoU with NBHC

22 Aug 2014 Evaluate

The Karnataka Bank is currently trading at Rs. 129.40, up by 2.00 points or 1.57% from its previous closing of Rs. 127.40 on the BSE.

The scrip opened at Rs. 127.40 and has touched a high and low of Rs. 131.25 and Rs. 127.40 respectively. So far 178493 shares were traded on the counter.

The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 150.75 on 26-May-2014 and a 52 week low of Rs. 71.50 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 131.25 and Rs. 122.20 respectively. The current market cap of the company is Rs. 2459.81 crore.

The institutions and non-institutions held 30.41% and 69.59% stake in the company, respectively.

Karnataka Bank has entered into a Memorandum of Understanding (MoU) with National Bulk Handling Corporation (NBHC) for extending storage facilities to farmers and finance against the warehouse receipts (WHR). NBHC is one of the leading collateral management service providers with a pan-India presence, managing about 1500 warehouses and cold storages.

The finance to farmers will be extended under ‘Krishik Bhandar’ scheme of the Bank. NBHC has nominated Karnataka Bank as preferred financier for extending finance to farmers against the Ware House Receipts. Farmers can avail the service of NBHC with a nominal fee.

The bank’s net profit for first quarter ended June 30, 2014 rose by 29.16% at Rs 121.63 crore as compared to Rs 94.17 crore for the quarter ended June 30, 2013. Its total income increased by 4.19% to Rs 1254.24 crore for the quarter under review from Rs 1203.80 crore for the corresponding quarter of the previous year.

Karnataka Bank Share Price

225.10 -3.50 (-1.53%)
28-Mar-2024 16:01 View Price Chart
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