Syndicate Bank firms up on inking pact with Karnataka Government

Syndicate Bank is currently trading at Rs 99.20, up by 2.30 points or 2.37% from its previous closing of Rs 96.90 on the BSE.

The scrip opened at Rs. 98.05 and has touched a high and low of Rs. 99.55 and Rs. 98.05 respectively. So far 27122 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 124.85 on 25-Jul-2011 and a 52 week low of Rs. 67.45 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs 99.55 and Rs 86.25 respectively. The current market cap of the company is Rs 5944.26 crore.

The promoters holding in the company stood at 66.17% while Institutions and Non-Institutions held 21.53% and 12.30% respectively.

Syndicate Bank, country’s public sector lender has inked pact with Karnataka Government by signing Memorandum of Understanding (MoU) for offering line of credit to ‘A' rated companies or entrepreneurs, investing in projects in the State during the Global Investor's Meet. On behalf of bank M. G. Sanghvi, Chairman and Managing Director, Syndicate Bank, signed the MoU.

Backed by 18% growth in operating profits, Syndicate Bank’s net profit for Q4 of last fiscal grew 7%. Net profit for the quarter stood at Rs 309.43 crore, compared with Rs 289.29 crore recorded during the corresponding quarter of 2010-11. The operating profits of the bank grew to Rs 790.44 crore from Rs 671.96 crore in the same period last year, and net interest income grew 15%.