Andhra Bank trades in green on the BSE

Andhra Bank is currently trading at Rs 97.45, up by 2.20 points or 2.31% from its previous closing of Rs 95.25 on the BSE.

The scrip opened at Rs 96.40 and has touched a high and low of Rs 98.15 and Rs 96.00 respectively. So far 81823 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 138.50 on 13-Mar-2012 and a 52 week low of Rs 89.70 on 31-Aug-2012.

Last one week high and low of the scrip stood at Rs 98.15 and Rs 90.10 respectively. The current market cap of the company is Rs 5436.32 crore.

The promoters holding in the company stood at 58.00% while Institutions and Non-Institutions held 28.21% and 13.78% respectively.

Credit rating agency, Brickwork Ratings has reaffirmed ‘AA+’ rating to Andhra Bank’s Upper Tier - II Bonds (3 issues worth Rs 1000.00 crore) and Innovation Perpetual Debt Bonds worth Rs 200.00 crore. The rating indicates high degree of safety reg., timely servicing of financial obligations. Such instruments carry very low credit risk.

The rating agency has also reaffirmed ‘AAA’ to company‘s Subordinated Debt Bonds (VIII issue worth Rs 320 crore), indicating highest degree of safety reg., timely servicing of financial obligations. Such instruments carry lowest credit risk. Further, the rating agency has revised the outlook for the rating from ‘Stable’ to ‘Negative’.

The bank has reported 15.20% fall in its net profit at Rs 257.08 crore for third quarter ended December 31, 2012 as compared to Rs 303.17 crore for the same quarter in the previous year. However, total income of the bank has increased by 9.50% at Rs 3469.21 crore for quarter under review as compared to Rs 3168.26 crore for the quarter ended December 31, 2011.