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Indian Overseas Bank Gains 4%; BSE BANKEX Index Up 0.9%
Wed, 7 Aug 16:5

Indian Overseas Bank Gains 4%; BSE BANKEX Index Up 0.9%Image source: DNY59/www.istockphoto.com

Indian Overseas Bank share price has zoomed 4% and is presently trading at Rs 62.4.

Meanwhile, the BSE BANKEX index is at 57,033.7 (up 0.9%).

Among the top gainers in the BSE BANKEX index today are Bank of Baroda (up 1.9%) and HDFC Bank (up 1.7%).

Indusind Bank (down 2.3%) and AU SMALL FINANCE BANK (down 0.4%) are among the top losers today.

Over the last one year, Indian Overseas Bank has moved up from Rs 25.9 to Rs 62.4, registering a gain of Rs 36.6 (up 141.4%).

On the other hand, the BSE BANKEX index has moved up from 50,325.8 to 57,033.7, registering a gain of 13.3% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were Federal Bank (up 44.3%), SBI (up 42.6%) and Bank of Baroda (up 28.8%).

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

What About the Benchmark Indices?

The BSE Sensex is at 79,468.0 (up 1.1%).

The top gainers among the BSE Sensex today are MUNDRA PORT & SEZ (up 3.5%) and Power Grid Corp. (up 3.2%). The most traded stocks in the BSE Sensex are Tata Steel and NTPC.

In the meantime, NSE Nifty is at 24,315.3 (up 1.4%). ONGC and Coal India are among the top gainers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 65,953.5 to 79,468.0, registering a gain of 13,514.5 points (up 20.5%).

Indian Overseas Bank Financial Update...

Indian Overseas Bank net profit grew 28.7% YoY to Rs 6,487 million for the quarter ended June 2024, compared to a profit of Rs 5,040 million a year ago. Net sales rose 20.5% to Rs 65,390 million during the period as against Rs 54,275 million in April-June 2023.

For the year ended March 2024, Indian Overseas Bank reported 26.7% increase in net profit to Rs 26,657 million compared to net profit of Rs 21,040 million during FY23. Revenue of the company grew 24.0% to Rs 240,657 million during FY24.

The current Price to earnings ratio of Indian Overseas Bank, based on rolling 12 month earnings, stands at 42.0.


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