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Indian Overseas Bank Plunges 4%; BSE BANKEX Index Down 0.7%
Fri, 19 Jul 15:26

Indian Overseas Bank Plunges 4%; BSE BANKEX Index Down 0.7%Image source: StarLineArts/www.istockphoto.com

Indian Overseas Bank share price has plunged 4% and is presently trading at Rs 64.5.

Meanwhile, the BSE BANKEX index is at 60,145.8 (down 0.7%).

Among the top losers in the BSE BANKEX index today are Federal Bank (down 2.5%) and IDFC FIRST BANK (down 2.2%).

AU SMALL FINANCE BANK (up 0.1%) is among the top gainers today.

Over the last one year, Indian Overseas Bank has moved up from Rs 26.6 to Rs 64.5, registering a gain of Rs 37.9 (up 142.8%).

On the other hand, the BSE BANKEX index has moved up from 51,292.0 to 60,145.8, registering a gain of 17.3% during the last 12 months.

The top gainers among the BSE BANKEX index stocks during this same period were SBI (up 47.9%), Federal Bank (up 44.5%) and Axis Bank (up 33.6%).

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

What About the Benchmark Indices?

The BSE Sensex is at 80,599.1 (down 0.9%).

The top losers among the BSE Sensex today are Tata Steel (down 5.2%) and JSW Steel (down 4.5%). The most traded stocks in the BSE Sensex are Tata Steel and NTPC.

In the meantime, NSE Nifty is at 24,528.8 (down 1.1%). Tata Steel and BPCL are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 66,589.9 to 80,599.1, registering a gain of 14,009.2 points (up 21.0%).

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 45.7.


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