Allahabad Bank surges on MoU with Peerless MF

Allahabad Bank surged on Monday after Peerless Funds Management Company signed an MoU with the bank. The alliance focuses on distribution of Peerless Mutual Fund Products through select branches of Allahabad Bank. The MoU holds great significance to the Peerless MF distribution network as the bank has a strong network of over 2500 branches with over 40% in rural and almost 20% in the semi-urban India.Shares ofthebankare trading at Rs 129.70, up Rs 4.8, or 3.84% at the Bombay Stock Exchange (BSE) on Monday at 12:15 p.m.The scrip has touched an intra-day high of Rs 132.30 and low of Rs 126.95. The total volume of shares traded at the BSE is 360,086.In the earlier session, the shares rose 3.52%, or Rs 4.25, at Rs 124.90. Currently, the stock is trading down 38.65% from its 52-week high of Rs 211.40 and above 25.92% over the 52-week low of Rs 103.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 123.05 1.85 1.50 1 Month 129.35 (4.45) (3.44) 3 Months 141.25 (16.35) (11.58) 6 Months 184.40 (59.50) (32.27) 1 Year 164.60 (39.70) (24.12) Note: Based on previous day closing price.