BackIndian Bank shares soar 9%
Intra-day, Indian Bank shares soared 11.80% to the 52-week high of ₹318.80
Premium
New Delhi: Shares of Indian Bank rose sharply by 9% on Tuesday after the company reported over three-fold jump in standalone net profit at ₹ 319.70 crore for the January-March quarter.
The stock zoomed 9% to settle at ₹ 310.80 on BSE.
Intra-day, it soared 11.80% to its 52-week high of ₹ 318.80. At NSE, shares of the company advanced by 8.68% to close at ₹ 309.85.
Led by the surge in the stock, the company’s market capitalisation (mcap) rose by ₹ 1,232.46 crore to ₹ 14,927.46 crore. In terms of volume, 19.34 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.
Indian Bank has reported an over three-fold jump in standalone net profit at ₹ 319.70 crore for the last quarter ended March due to lower provisioning for bad loans. Bank’s net profit in the corresponding quarter of 2015-16 was at ₹ 93.62 crore. Total income in the reported quarter increased marginally to ₹ 4,601.89 crore against ₹ 4,522.73 crore, the bank said in a regulatory filing.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
