Stock Info: Indian Overseas Bank

 

Indian Overseas Bank

Stock Info: Indian Overseas Bank

The shares of Indian Overseas Bank began at Rs 23.95 today, up 16.83 percent from its previous closing of Rs 20.50 on the BSE.

 

After the Reserve Bank of India (RBI) removed Indian Overseas Bank from the Prompt Corrective Action Framework, the stock of Indian Overseas Bank (IOB) soared by 20% in early trade (PCAF). IOB stock began at Rs 23.95 today, up 16.83 percent from its previous closing of Rs 20.50 on the BSE. In the last three days, the stock has risen 13.22%.

 

In early trade, the stock touched a 20 percent high, reaching Rs 24.6. IOB's stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

The stock has increased by 151 percent in a year and by 115 percent since the start of the year. On the BSE, 134.92 lakh shares of the lender were traded, resulting in a turnover of Rs 32.38 crore. The lender's market capitalization increased to Rs 43,853 crore.

On October 16, 2020, the stock struck a 52-week low of Rs 8.80 and a 52-week high of Rs 29 on June 30, 2021. The RBI made the decision after seeing improvements in a number of indicators and receiving a written guarantee from the state-owned institution that it would adhere to the minimum capital requirements.

 

According to the RBI, after reviewing the IOB's performance, the Board for Financial Supervision determined that the bank was not in violation of the PCA criteria based on the bank's declared financial statements for 2020-21.

The bank has given a written promise to adhere to the Minimum Regulatory Capital, Net NPAs, and Leverage Ratio standards on an ongoing basis, according to the statement. The lender has also informed the RBI of structural and systemic reforms it has implemented, which will aid the bank in meeting its obligations.

 

"In light of all of the foregoing, it has been decided to exempt Indian Overseas Bank from the PCA restrictions, subject to certain requirements and ongoing supervision," the central bank noted.

Source:www.businesstoday.in