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CORPORATION BANK Surges by 6%; BSE BANKEX Index Up 0.8%

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CORPORATION BANK Surges by 6%; BSE BANKEX Index Up 0.8%
Wed, 20 Feb 10:42 AM

CORPORATION BANK share price has zoomed 6% and is presently trading at Rs 26.

Meanwhile, the BSE BANKEX Index is at 30,148 (up 0.8%).

Among the top Gainers in the BSE BANKEX Index today is CORPORATION BANK (up 6.1%).

Over the last one year, CORPORATION BANK has moved down from Rs 32 to Rs 26, registering a loss of Rs 6 (down 18.8%).

On the other hand, the BSE BANKEX has moved up from 28,234 to 30,148, registering a gain of 1,914 points (up 6.6%) during the last 12 months.

The top gainers among the BSE BANKEX Index stocks during this same period were AXIS BANK (up 29.9%), KOTAK MAH. BANK (up 21.6%) and HDFC BANK (up 11.4%).

What About the Benchmark Indices?

The BSE Sensex is at 35,653 (up 0.7%).

The top gainers among the BSE Sensex stocks today are VEDANTA LTD (up 3.0%), TATA STEEL (up 2.9%) and YES BANK (up 1.7%). Other gainers include TATA MOTORS (up 1.7%) and TATA MOTORS DVR (up 1.6%). The most traded stocks in the BSE Sensex are YES BANK and TATA STEEL.

In the meantime, NSE Nifty is at 10,697 (up 0.6%). INDIABULLS HOU. FIN. (up 3.2%) is among the top gainers in NSE Nifty.

Over the last 12 months, the BSE Sensex has moved up from 33,775 to 35,653, registering a gain of 1,878 points (up 5.4%).

CORPORATION BANK Financial Update...

CORPORATION BANK net profit declined 104.9% YoY to Rs 605 million for the quarter ended December 2018, compared to a loss of Rs 12 billion a year ago. Operating income declined 13.0% to Rs 38.2 billion during the period as against Rs 43.9 billion in October-December 2017.

For the year ended March 2018, CORPORATION BANK reported 815.8% decrease in net profit to Rs 40.5 billion compared to net profit of Rs 5.7 billion during FY17.

Revenue of the company grew 9.5% to Rs 176 billion during FY18.

The current Price to earnings ratio of CORPORATION BANK, based on rolling 12 month earnings, stands at down 2.7x.

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