Corporation Bank shines on inking pact with Karnataka Government

Corporation Bank is currently trading at Rs. 435.45, up by 1.00 points or 0.23% from its previous closing of Rs. 434.45 on the BSE.

The scrip opened at Rs. 440.95 and has touched a high and low of Rs. 440.95 and Rs. 434.70 respectively. So far 11010 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 541.50 on 15-Jun-2011 and a 52 week low of Rs. 335.50 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 440.95 and Rs. 412.05 respectively. The current market cap of the company is Rs. 6443.62 crore.

The promoters holding in the company stood at 58.52% while Institutions and Non-Institutions held 35.06% and 6.41% respectively. 

Mangalore-based lender, Corporation Bank has inked pact with Karnataka Government by signing memorandum of understanding (MoU) at the second edition of Global Investors Meet (GIM) in Bangalore. The MoU was formally signed by Amar Lal Daultani, Executive Director of the bank, on behalf of the bank and exchanged with Karnataka Chief Minister, D V Sadananda Gowda.

After this tie up, the bank is declared as a banking partner of the GIM, and will increase all possible financial support to the big number of investors who had signed MoUs with the Karnataka Government. 

The bank has posted a rise of 1.72% in its net profit at Rs 351.26 crore for the quarter ended March 31, 2012 as compared to Rs 345.33 crore for the same quarter in the previous year.  Total income has increased by 32.35% at Rs 4009.17 crore for quarter under review as compared Rs 3029.21 crore for the quarter ended March 31, 2011.