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Indian Overseas Bank Gains 4%; BSE BANKEX Index Up 0.9%
Wed, 12 Jun 10:23

Indian Overseas Bank share price has zoomed 4% and is presently trading at Rs 68.9.

Meanwhile, the BSE BANKEX index is at 57,153.9 (up 0.9%).

Among the top gainers in the BSE BANKEX index today are Bank of Baroda (up 1.3%) and ICICI Bank (up 1.0%).

Over the last one year, Indian Overseas Bank has moved up from Rs 24.6 to Rs 68.9, registering a gain of Rs 44.3 (up 179.7%).

On the other hand, the BSE BANKEX index has moved up from 49,827.9 to 57,153.9, registering a gain of 14.7% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were Bank of Baroda (up 48.7%), SBI (up 45.2%) and Federal Bank (up 34.5%).

Dear Reader: If You Invest in Midcap Stocks, this is for You

What About the Benchmark Indices?

The BSE Sensex is at 76,942.7 (up 0.6%).

The top gainers among the BSE Sensex today are Tata Motors (up 1.6%) and HCl Tech. (up 1.3%). The most traded stocks in the BSE Sensex are Tata Steel and Tata Motors.

In the meantime, NSE Nifty is at 23,388.5 (up 0.5%). Coal India and BPCL are among the top gainers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 62,724.7 to 76,942.7, registering a gain of 14,218.0 points (up 22.7%).

Indian Overseas Bank Financial Update...

Indian Overseas Bank net profit grew 23.6% YoY to Rs 8,104 million for the quarter ended March 2024, compared to a profit of Rs 6,556 million a year ago. Net sales rose 27.7% to Rs 66,335 million during the period as against Rs 51,947 million in January-March 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 48.8.

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