Gold Silver Reports (GSR) – Syndicate Bank @Nine-Year Low After Reporting Loss In March Quarter – Shares of the Manipal-based public lender fell as much as 7.3 percent to Rs 46.5, lowest since March 2009. Syndicate Bank reported a net loss of Rs 2,195.1 crore in the March-ended quarter due to high bad loans that required higher provisioning. The bank had reported a net profit of Rs 103.8 in the corresponding quarter last year. Provisions during the quarter stood at Rs 3,544.7 crore.
Trading volume was 4.4 times the 20-day average. Only three analysts have a coverage on the stock, each with a buy, hold and sell rating. The 12-month Bloomberg consensus target price is Rs 76.5.
Block Deal Alert: Federal Bank
About 10 lakh shares of Federal Bank changed hands in a block deal, according to Bloomberg. Buyers and sellers were not known immediately.
