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Oriental Bank of Commerce climbs on hiking NRE term deposit rates

26 Dec 2011 Evaluate

Oriental Bank of Commerce is currently trading at Rs. 220.10, up by 1.55 points or 0.71% from its previous closing of Rs. 218.55 on the BSE.

The scrip opened at Rs. 219.50 and has touched a high and low of Rs. 223.80 and Rs. 215.80 respectively. So far 25680 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 417.00 on 24-Dec-2010 and a 52 week low of Rs. 215.80 on 26-Dec-2011.

Last one week high and low of the scrip stood at Rs. 241.50 and Rs. 215.80 respectively. The current market cap of the company is Rs. 6323.92 crore.

The promoters holding in the company stood at 58.00% while Institutions and Non-Institutions held 35.18% and 6.82% respectively. 

Oriental Bank of Commerce (OBC) has revised the interest rates on NRE term deposits with effect from December 26, 2011. The bank has raised the interest rates for deposits with a maturity period of one year and above but less than two years to 8.75% from the existing 3.82%.

Further, the bank has increased the rate to 8.25% from existing 3.51% for period ranging from two years and above, but less than three years while for deposits that are up to a period of three years and above, but less than five years the rates has been hiked to 8.00% from 3.64%.

The Reserve Bank of India (RBI) had deregulated savings deposit rates on October 25, 2011. The bank has taken this step in line with the move taken by RBI and to keep itself ahead of its competitors.

Oriental Bank of Commerce is a Government of India undertaking whose business activities includes monetary intermediation of commercial banks, saving banks and discount houses.

Oriental Bank-Amalga Share Price

45.65 0.00 (0.00%)
20-Mar-2020 18:01 View Price Chart
Peers
Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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