Multibagger stock: Central Bank of India shares surged 112% in six months. Details here
Central Bank share price: The public sector bank said it has entered into a strategic co-lending partnership with ECL Finance Ltd to offer MSME loans at competitive rates, subject to compliance with the applicable laws including the applicable guidelines issued by Reserve Bank of India (RBI).
- Sep 22, 2023,
- Updated Sep 22, 2023 4:21 PM IST
Shares of Central Bank of India rose sharply on Friday, snapping their two-day fall. The stock today jumped 8.40 per cent to hit settle at Rs 50.86. At this price, the multibagger counter has gained 111.92 per cent in six months. On BSE, around 82.57 lakh shares changed hands today. The figure was lower than the two-week average volume of 58.78 lakh shares. Turnover on the counter stood at Rs 40.75 crore, commanding a market capitalisation (m-cap) of Rs 44,151.26 crore.
The public sector bank said it has entered into a strategic co-lending partnership with ECL Finance Ltd to offer MSME loans at competitive rates, subject to compliance with the applicable laws including the applicable guidelines issued by Reserve Bank of India (RBI). ECL Finance is a registered NBFC (Non-banking financial company) with RBI.
"Under the arrangement, ECL Finance will originate and process loan proposals under MSME sector as per jointly formulated credit parameters and eligibility criteria and Central Bank will take into its books 80 per cent of the MSME loans under mutually agreed terms," the lender stated.
"ECL Finance will service the loan account throughout the life cycle of the loan. The co-lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India," it further mentioned.
ECL is headquartered in Mumbai and the AUM (Assest under management) of the company, as on June 30, 2023, was more than Rs 3,000 crore.
The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio, the PSB underscored.
In a separate development, Central Bank has recently decided to extend the tenure of its executive director Vivek Wahi till September 30, 2025.
On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 51.71. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 23.07 against a price-to-book (P/B) value of 1.40.
The scrip has a one-year beta of 1.28, indicating high volatility.
Meanwhile, Indian equity benchmarks extended their fall for the fourth straight session, dragged by pharma, healthcare and consumer durable stocks. The 30-share BSE Sensex slipped 221 points or 0.33 per cent to close at 66,009, while the broader NSE Nifty pack moved 68 points or 0.34 per cent down to end at 19,674.
Also read: Vedanta shares in news today as board approves raising Rs 2,500 cr via NCDs
Also read: Hot stocks on September 22, 2023: Vedanta, SJVN, Texmaco Rail, EKI Energy and more
Shares of Central Bank of India rose sharply on Friday, snapping their two-day fall. The stock today jumped 8.40 per cent to hit settle at Rs 50.86. At this price, the multibagger counter has gained 111.92 per cent in six months. On BSE, around 82.57 lakh shares changed hands today. The figure was lower than the two-week average volume of 58.78 lakh shares. Turnover on the counter stood at Rs 40.75 crore, commanding a market capitalisation (m-cap) of Rs 44,151.26 crore.
The public sector bank said it has entered into a strategic co-lending partnership with ECL Finance Ltd to offer MSME loans at competitive rates, subject to compliance with the applicable laws including the applicable guidelines issued by Reserve Bank of India (RBI). ECL Finance is a registered NBFC (Non-banking financial company) with RBI.
"Under the arrangement, ECL Finance will originate and process loan proposals under MSME sector as per jointly formulated credit parameters and eligibility criteria and Central Bank will take into its books 80 per cent of the MSME loans under mutually agreed terms," the lender stated.
"ECL Finance will service the loan account throughout the life cycle of the loan. The co-lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India," it further mentioned.
ECL is headquartered in Mumbai and the AUM (Assest under management) of the company, as on June 30, 2023, was more than Rs 3,000 crore.
The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio, the PSB underscored.
In a separate development, Central Bank has recently decided to extend the tenure of its executive director Vivek Wahi till September 30, 2025.
On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 51.71. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 23.07 against a price-to-book (P/B) value of 1.40.
The scrip has a one-year beta of 1.28, indicating high volatility.
Meanwhile, Indian equity benchmarks extended their fall for the fourth straight session, dragged by pharma, healthcare and consumer durable stocks. The 30-share BSE Sensex slipped 221 points or 0.33 per cent to close at 66,009, while the broader NSE Nifty pack moved 68 points or 0.34 per cent down to end at 19,674.
Also read: Vedanta shares in news today as board approves raising Rs 2,500 cr via NCDs
Also read: Hot stocks on September 22, 2023: Vedanta, SJVN, Texmaco Rail, EKI Energy and more