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Indian Overseas Bank Gains 5%; BSE BANKEX Index Up 0.4%
Thu, 18 Jul 10:25

Indian Overseas Bank Gains 5%; BSE BANKEX Index Up 0.4%Image source: Eoneren/www.istockphoto.com

Indian Overseas Bank share price has zoomed 5% and is presently trading at Rs 70.7.

Meanwhile, the BSE BANKEX index is at 60,558.6 (up 0.4%).

Among the top gainers in the BSE BANKEX index today are SBI (up 1.3%) and Federal Bank (up 1.0%).

HDFC Bank (down 0.1%) and AU SMALL FINANCE BANK (down 0.1%) are among the top losers today.

Over the last one year, Indian Overseas Bank has moved up from Rs 26.6 to Rs 70.7, registering a gain of Rs 44.2 (up 166.2%).

On the other hand, the BSE BANKEX index has moved up from 51,292.0 to 60,558.6, registering a gain of 18.1% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were Federal Bank (up 48.9%), SBI (up 48.5%) and Axis Bank (up 35.7%).

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

What About the Benchmark Indices?

The BSE Sensex is at 80,825.8 (up 0.1%).

The top gainers among the BSE Sensex today are SBI (up 1.3%) and Hindustan Unilever (up 1.0%). The most traded stocks in the BSE Sensex are Tata Steel and SBI.

In the meantime, NSE Nifty is at 24,642.0 (up 0.1%). LTIMINDTREE and ONGC are among the top gainers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 66,589.9 to 80,825.8, registering a gain of 14,235.8 points (up 21.4%).

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 50.1.

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