Federal Bank gains after CCEA gives nod for foreign equity
Source: IRIS | 25 Feb, 2014, 12.44PM
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 Federal Bank, a private sector lender, gained on Tuesday after Cabinet Committee of Economic Affairs (CCEA) accorded their approval for foreign equity participation up to 74% of the paid up capital of the bank, with sub-limit of 49% by FII's and 24% for NRI's.
 Shares of the bank are trading at Rs 75.05, up Rs 1.45, or 1.97% at the Bombay Stock Exchange (BSE) on Tuesday at 12:36 p.m.
The scrip has touched an intra-day high of Rs 75.90 and low of Rs 73.50. The total volume of shares traded at the BSE is 224,949.
In the earlier session, the shares rose 0.2%, or Rs 0.14, at Rs 73.60. Currently, the stock is trading down 25.86% from its 52-week high of Rs 101.23 and above 69.6% over the 52-week low of Rs 44.25.
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