Block deal generates interest in Karnataka Bank

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IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
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ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 22/06/2009 | 12:00 AM IST

Banking

Capital Market

Monday, June 22, 2009 (New Delhi)

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The block deal constituted 0.41% of the bank's equity.

Meanwhile, the BSE Sensex was up 79.87 points, or 0.55%, 14,601.76.

On BSE, 2,730 shares were traded in the counter. The stock had an average daily volume of 1.65 lakh shares in the past one quarter.

The stock hit a high of Rs 136.80 and a low of Rs 134.05 so far during the day. The stock hit a 52-week high of Rs 174 on 20 June 2008 and a 52-week low of Rs 55.15 on 9 March 2009.

The mid-cap bank stock had outperformed the market over the past one month till 19 June 2009, rising 30.03% as compared to the Sensex's return of 1.54%. It had also outperformed the market in the past one quarter, gaining 106.11% as compared to the Sensex's return of 61.32%.

The bank's current equity is Rs 121.58 crore. Face value per share is Rs 10.

The current price of Rs 136.70 discounts the bank's Q4 March 2009 annualized EPS of Rs 27.35, by a PE multiple of 5.

Karnataka Bank's net profit rose 36.8% to Rs 83.14 crore on 35.1% rise in operating income to Rs 641.80 crore in Q4 March 2009 over Q4 March 2008.

The bank's gross non-performing assets (NPA) rose 18.01% to Rs 443.20 crore as at 31 March 2009 from Rs 375.57 crore as on 31 March 2008. The ratio of gross NPA to gross advances increased to 3.66% as of 31 March 2009 from 3.42% as of 31 March 2008. The net NPA as of 31 March 2009 was at 0.98%.

Karnataka Bank is a private sector banking institution based in the town of Mangalore in Karnataka and has major presence in South India. The bank is engaged in commercial banking and related activities.