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Stock Report
Allahabad Bank enters into tie-ups for Mutual Funds Distribution
Posted On : 2007-07-12 05:51:52( TIMEZONE : IST )
Allahabad Bank has announced that in order to increase the fee based income of the Bank and to meet the multiple needs of the customers, Bank has entered into tie-up arrangements with various Companies for cross selling and distribution of their products including Mutual Fund Products.
The Bank has on date entered into tie-up arrangement with Franklin Templeton Asset Management (India) Pvt Ltd for distribution of their products through Bank's Branches to augment the fee based income and to give customers a wide range of investment avenues for their surplus fund.
It is worth mentioning here that the bank is already having distribution tie up with UTI Asset Management Company Pvt Ltd., Principal PNB Asset Management Company Pvt Ltd., Kotak Mahindra Asset Management Company Ltd and Reliance Capital Asset Management Ltd for distribution of their products through the Bank's Branches.
The stock closed the day at Rs.88.80, up by Rs.0.60 or 0.68%. The stock hit an intraday high of Rs.91.20 and low of Rs.88.25. The total traded quantity was 349516 compared to 2 week average of 162755.
