Tuesday, 21 February 2017

Karnataka Bank gains after tie-up with Daimler India Commercial Vehicles

The announcement was made after market hours yesterday, 20 February 2017.
Meanwhile, the BSE Sensex was up 19.01 points, or 0.07%, to 28,680.59. On the BSE, so far 1.81 lakh shares were traded in the counter, compared with average daily volumes of 2.76 lakh shares in the past one quarter. The stock had hit a high of Rs 124.45 and a low of Rs 122.35 so far during the day. The stock hit a 52-week high of Rs 134.15 on 24 October 2016. The stock hit a 52-week low of Rs 69.07 on 29 February 2016. The mid-cap private sector bank has equity capital of Rs 282.70 crore. Face value per share is Rs 10. Karnataka Bank has entered into a memorandum of understanding (MoU) with Daimler India Commercial Vehicles (DICV) for extending finance facilities to customers to purchase commercial vehicles manufactured by the company. 

DICV is one of the leading manufacturing Companies of commercial vehicles in India with a pan-India presence. Bharat Benz is the Indian truck brand of Daimler AG, the world's largest commercial vehicle manufacturer and inventor of the truck. The MoU was signed at Karnataka Bank's head office at Mangaluru. DICV has nominated Karnataka Bank as preferred financier for extending finance to purchase of commercial vehicles manufactured by the company. Net profit of Karnataka Bank declined 29.3% to Rs 68.52 crore on 6.4% rise in operating income to Rs 1457.52 crore in Q3 December 2016 over Q3 December 2015.

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