Shares of Corporation Bank surged 68.47% in the past three trading sessions to its current market price of Rs 26.45 from its recent closing low of Rs 15.70 since Thursday, 14 November 2019.

Shares of select PSU banks were in demand after the Supreme Court (SC) on Friday (15 November) said the National Company Law Appellate Tribunal (NCLAT) should not interfere with the decisions of the committee of creditors (CoC) in the Essar Steel insolvency case. Accordingly, SC gave more weightage to the financial creditors.

The stock was trading in a range of Rs 23.40 to Rs 26.45 so far during the day.

On the BSE, 12.89 lakh shares traded in the counter were almost six times the average daily volumes of 2.15 lakh shares traded in the past two weeks. Shares of Corporation Bank are trading close to its 52-week high of Rs 32.15 hit on 27 February 2019.

Corporation Bank's consolidated net profit rose 26.5% to Rs 131.18 crore on 11.8% rise in total income to Rs 4,714.98 crore in Q2 September 2019 over Q2 September 2018.

Corporation Bank is engaged in lending and borrowing activities. The bank's segments include treasury operations, wholesale banking, retail banking and other banking operations. The bank offers personal, corporate, Non-Resident Indian (NRI), priority banking products and services.

Powered by Capital Market - Live News