Sunday , October 24 2021

Syndicate Bank gains on aiming to mobilise Rs 4,000 crore from NPA recovery in FY20

Syndicate Bank is currently trading at Rs. 32.35, up by 0.05 points or 0.15% from its previous closing of Rs. 32.30 on the BSE.

The scrip opened at Rs. 32.30 and has touched a high and low of Rs. 32.35 and Rs. 31.85 respectively. So far 12961 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 46.60 on 02-Apr-2019 and a 52 week low of Rs. 29.55 on 09-Oct-2018.

Last one week high and low of the scrip stood at Rs. 32.80 and Rs. 31.05 respectively. The current market cap of the company is Rs. 8668.43 crore.

The promoters holding in the company stood at 78.48%, while Institutions and Non-Institutions held 10.01% and 11.51% respectively.

Syndicate Bank is aiming to mobilise Rs 4,000 crore from recovery of Non-performing asset (NPA) during the current fiscal (FY20). The recovery is likely from the cases before the National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code (IBC) and resolution of cases at bank level, including one time settlement.

The bank has recovered about Rs 800 crore in the first quarter and the target for the current fiscal is Rs 4,000 crore. Besides, the bank is likely to get fund from the government during the financial year for pushing up credit growth.

Syndicate Bank is one of the oldest and major commercial banks of India.

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