My questions with regard to canbk

Hi, I brought Canara Bank 290 CE option of 25-June-2015 at 6 rs. I saw news (Canara Bank has informed the Exchange that the Register of Members and Share Transfer Books of the Company shall remain closed from June 27, 2015 to July 14, 2015 (both days inclusive) for the purpose of dividend and Annual General Meeting of the Company scheduled to be held on July 14, 2015). As above news with regard to divident is after the expiry of 25th June contract. My questions are (1) If equity expires at 296 I will be profitable, am I correct? (2) Why is Future contract of 25th June at a discount of around 10rs.

If the Canara Bank crosses 296 your 290 CE would be breaking even. You will be profitable only if Canara Bank closes above 296.

Here is a link that will help you understand break even points for options -

The Futures can trade at a discount for many reasons (including the expectation of a dividend). The regular demand and supply situation also has an impact on the discount and premiums of futures.