Meanwhile, the BSE Sensex was up 425.83 points, or 2.85%, at 15384.66 on strong cues from global markets. US stocks soared on Tuesday, 5 August 2008, after the Federal Reserve signaled that it is in no rush to raise interest rates and oil prices tumbled further.

On BSE, 6218 shares were traded in the counter. The scrip had an average daily volume of 10,356 shares in the past one quarter.

The stock hit a high of Rs 101.90 and a low of Rs 96 so far during the day. The stock had a 52-week high of Rs 195 on 7 January 2008 and a 52-week low of Rs 70.80 on 2 July 2008.

The scrip had outperformed the market over the past one month till 5 August 2008, rising 16.44% compared to the Sensex’s 10.61% gain. It had, however, underperformed the market in the past one quarter, falling 10.55% compared to Sensex’s 13.72% fall.

The small-cap private sector lender has an equity capital of Rs 49.04 crore. Face value per share is Rs 10.

The current price of Rs 98.40 discounts its Q4 March 2008 annualised EPS of Rs 3.51, by a PE multiple of 28.03.

Reports further suggested that it was also agreed that after the annual general meeting on on 14 August 2008, Lakshmi Vilas Bank (LVB) will invite Federal Bank to take a seat on its board. Federal Bank has 4.99% holding in LVB.

According to reports, this development is seen as the first step towards an eventual merger of LVB with Federal Bank.

The net profit of Lakshmi Vilas Bank declined 71.6% to Rs 4.28 crore on a 13.2% rise in operating income to Rs 154.36 crore in Q1 June 2008 over Q1 June 2007.

Lakshmi Vilas Bank provides banking and treasury services to corporate and private customers. It has a bancassurance arrangement with AVIVA Life Insurance for sale of life insurance products through their branches. It operates through 227 branches including five satellite offices spread across 10 states and one Union Territory.