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Canara Bank surges on inking agreement for Rs 1,170 crore loan to Kochi Metro project

21 Jul 2014 Evaluate

Canara Bank is currently trading at Rs. 416.15, up by 4.10 points or 1.00% from its previous closing of Rs. 412.05 on the BSE.

The scrip opened at Rs. 413.45 and has touched a high and low of Rs. 421.60 and Rs. 413.45 respectively. So far 92654 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 498.00 on 09-Jun-2014 and a 52 week low of Rs. 189.90 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 421.60 and Rs. 381.60 respectively. The current market cap of the company is Rs. 19216.04 crore.

The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 24.09% and 6.92% respectively.

Canara Bank has inked an agreement with Kochi Metro Rail for a loan of Rs 1,170 crore to Kochi Metro project. This is the largest loan offered by the bank, which is Kerala’s lead bank, to a single entity in the state. The loan, for a term of 19.5 years, will carry a floating interest rate of 10.80%. There will be a moratorium on repayment for seven years.

The Kochi Metro is a joint venture between the Centre and the Kerala Government, aims to find external funding of Rs 2,170 crore. Already, the French development aid agency AFD has signed an agreement with KMRL for advancing €180 million (around Rs 1,500 crore). The AFD loan is for 20 years, with a five-year moratorium.

The bank posted a fall of 15.79% in its net profit at Rs 610.83 crore for the quarter ended March 31, 2014, as compared to Rs 725.38 crore for the same quarter in the previous year. However, total income of the bank increased by 22.57% at Rs 11609.72 crore for quarter under review as compared to Rs 9471.57 crore for the quarter ended March 31, 2013.

Canara Bank Share Price

140.90 -4.35 (-2.99%)
23-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
SBI 1094.10
PNB 112.80
Canara Bank 140.90
Bank Of Baroda 276.05
Union Bank Of India 179.65
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