CORPORATION BANK surges by 5%; BSE BANKEX Index Up 0.6%

CORPORATION BANK share price has Zoomed 5% and is presently trading at Rs 28.

Meanwhile, the BSE BANKEX Index is at 29,638 (Up 0.6%).

Among the top Gainers in the BSE BANKEX Index today is CORPORATION BANK (up 5.42%).

Over the last one year, CORPORATION BANK has moved down from Rs 50 to Rs 28, registering a loss of Rs 22 (down 43.88%)

On the other hand, the BSE BANKEX has moved up from 26,529 to 29,638, registering a gain of 3,109 points (up 11.72%) during the last 12 months.

The top gainers among the BSE BANKEX Index stocks during this same period were KOTAK MAH. BANK (up 36.53%), INDUSIND BANK (up 28.27%) and HDFC BANK (up 26.00%).

What About the Benchmark Indices?

The BSE Sensex is at 35,278 (up 0.28%).

The top gainers among the BSE Sensex stocks today are ONGC (up 1.56%), ICICI BANK (up 1.27%) and BAJAJ AUTO (up 0.85%). Other gainers include HERO MOTOCORP (up 0.84%) and TATA MOTORS (up 0.81%). The most traded stocks in the BSE Sensex are AXIS BANK and HERO MOTOCORP.

In the meantime, NSE Nifty is at 10,723 (up 0.36%). HINDALCO (up 1.57%) is among the top gainers in NSE Nifty.

Over the last 12 months, the BSE Sensex has moved up from 31,191 to 35,278, registering a gain of 4,087 points (up 13.11%).

CORPORATION BANK Financial Update...

CORPORATION BANK net profit declined 148.2% YoY to Rs 18 billion for the quarter ended March 2018, compared to a loss of Rs 12 billion a year ago. Net Sales rose 95.6% to Rs 41.9 billion during the period as against Rs 43.9 billion in January-March 2017.

For the year ended March 2017, CORPORATION BANK reported 112.7% decrease in net profit to Rs 5.7 billion compared to net profit of Rs 5.0 billion during FY16.

Revenue of the company grew 100.3% to Rs 195 billion during FY17.

The current Price to earnings ratio of CORPORATION BANK, based on rolling 12 month earnings, stands at down 0.8x.

This article was originally published in English at www.equitymaster.com