State Bank of Travancore Hikes in lending rate

State Bank of Travancore gained 2.58% to Rs 2993 at 15:27 IST on BSE after the bank said it had raised its benchmark prime lending rate by 50 basis points to 13.50% with effect from 1 July 2008.

The bank made this announcement during trading hours today, 7 July 2008.

The stock hit a high of Rs 3063.40 and a low of Rs 2993 so far during the day. The stock had a 52-week high of Rs 8300 on 4 January 2008 and a 52-week low of Rs 2779.05 on 3 July 2008.

The bank has an equity capital of Rs 50 crore. Face value per share is Rs 100.

The current price of Rs 2993 discounts its Q4 March 2008 annualised EPS of Rs 1193.60, by a

PE multiple of 2.51.

State Bank of Travancore (SBT)’s net profit rose 6.2% to Rs 149.20 crore on 17% increase in operating income to Rs 1061.02 crore in Q4 March 2008 over Q4 March 2007.

The bank provides working capital finance, short-term corporate loan and term loan for corporate and industrial houses. It offers services to government such as collection of direct taxes, treasury payments and receipts for the state and central governments.