Federal Bank shares gain on partnering with MMTC for Indian Gold Coins distribution

By: | Updated: August 18, 2016 5:21 PM

Federal Bank shares gained as much as 1.40 per cent in the morning trade on Thursday after the lender entered into partnership with MMTC for distribution of Indian Gold Coins

BSE Sensex Federal Bank sharesFederal Bank shares gained as much as 1.40 per cent in the morning trade on Thursday after the lender entered into partnership with MMTC for distribution of Indian Gold Coins (Source: Federal Bank)

Federal Bank shares gained as much as 1.40 per cent in the morning trade on Thursday after the lender entered into partnership with MMTC for distribution of Indian Gold Coins, the first-ever national gold offering by the government. Through this partnership with MMTC, Federal Bank becomes the first among the private sector banks to offer this product to its customers. Available presently in denominations of 5, 10 and 20 grams, the coins are distributed through select branches of the bank across the country. At 10.45 am, shares of Federal Bank were trading 1.33 per cent up at Rs 65. The scrip opened the day at Rs 64.90 and has touched a high and low of Rs 65.05 and Rs 64.30, respectively, in trade so far. Later, the share price of the company closed 1.09 per cent up at Rs 64.85.

For the quarter ended June 30, 2016, Federal Bank reported a net profit of Rs 167.31 crore, up 18.33 per cent, against Rs 141.39 crore in the corresponding quarter a year ago. Total income of the bank jumped by 6.82 per cent year-on-year to Rs 2250.81 crore for the quarter under review against Rs 2107.09 crore in the corresponding quarter last year.

In the past one year, shares of Federal Bank slipped by 5.10 per cent to Rs 64.15 till August 17, whereas BSE Sensex jumped marginally 0.46 per cent during the same period.

Shares Federal Bank had touched their 52-week high of Rs 68 on August 20, 2015 and 52-week low of Rs 41.35 on February 12, 2016.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition