Karur Vysya Bank surges on hiking NRE term deposit rates

Karur Vysya Bank Ltd. | Bank - Private | BFSI | BSE: 590003 | NSE: KARURVYSYA

27 Dec 2011 Evaluate

Karur Vysya Bank is currently trading at Rs. 350.85, up by 3.45 points or 0.99% from its previous closing of Rs. 347.40 on the BSE.

The scrip opened at Rs. 346.00 and has touched a high and low of Rs. 351.45 and Rs. 346.00 respectively. So far 1510 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 479.15 on 15-Jul-2011 and a 52 week low of Rs. 340.05 on 26-Dec-2011.

Last one week high and low of the scrip stood at Rs. 355.45 and Rs. 340.05 respectively. The current market cap of the company is Rs. 3762.38 crore.

The promoters holding in the company stood at 3.27% while Institutions and Non-Institutions held 27.72% and 69.01% respectively.

Karur Vysya Bank has revised the interest rates on NRE term deposits with effect from December 24, 2011. The bank has raised the interest rates for deposits with a maturity period of one year to two years to 10.00% from the existing 3.82%.

Further, the bank has increased the rate to 9.75% from existing 3.51% for period ranging from two years to three years while for deposits that are for a period of above three years the rates has been hiked to 9.50% 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.

Karur Vysya Bank is among 6 old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.