homemarket Newsstocks NewsAllahabad Bank shares extend winning streak, hit 52 week high

Allahabad Bank shares extend winning streak, hit 52-week high

Allahabad Bank shares extend winning streak, hit 52-week high
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By CNBCTV18.COMMar 8, 2019 2:37:17 PM IST (Published)

The stock has been on a gaining spree after the Reserve Bank of India (RBI) took the lender out of the prompt corrective action (PCA) framework following the government's capital infusion. The stock has rallied 32 percent since then.

Shares of Allahabad Bank extended rally and hit a 52-week high in the intra-day trade on Friday.

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The stock has been on a gaining spree after the Reserve Bank of India (RBI) took the lender out of the prompt corrective action (PCA) framework following the government's capital infusion. The stock has rallied 32 percent since then.
With Rs 6,896 crore infusion, Allahabad Bank is the second biggest beneficiary, whose common equity tier 1 ratio will be above 12.5 percent post the recapitalisation.
Allahabad Bank shares hit a 52-week high of Rs 58.20, up 6.5 percent on the Bombay Stock Exchange in an otherwise subdued market on Friday. The stock has surged over 40 percent in last month.
At 1:48 pm, the stock was trading at Rs 57.2, up 4.7 percent. In comparison, the S&P BSE Sensex was down 0.26 percent.
The government's capital boost helped Allahabad Bank bring down its bad loans and shore up capital base.
In the third quarter, the bank saw its losses narrowing to Rs 733 crore for the quarter ended December 31, compared to a net loss of Rs 1,264 crore in the same period last year.
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