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Indian Bank declines on profit taking
(11:48, 20 Mar 2017)

Meanwhile, the S&P Sensex was down 143.27 points or 0.48% at 29,505.72.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 74,685 shares in the past one quarter. The stock had hit a high of Rs 286.35 and a low of Rs 275.05 so far during the day.

The stock had hit a 52-week high of Rs 310 on 9 February 2017 and a 52-week low of Rs 84.80 on 12 May 2016. The stock had underperformed the market over the past one month till 17 March 2017, sliding 2.16% compared with the Sensex's 4.15% rise. The scrip had, however, outperformed the market over the past one quarter, surging 21.68% as against the Sensex's 11.93% rise.

The large-cap bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.

Shares of Indian Bank had risen 6.28% in the preceding four trading sessions to settle at Rs 283.20 on Friday, 17 March 2017, from its closing of Rs 266.45 on 10 March 2017.

Meanwhile, Indian Bank announced on Saturday, 18 March 2017, that its board approved to raise capital by issuing 4.75 crore equity shares through follow-on issue/rights issue/private placement /qualified institutional placement (QIP)/preferential issue, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the bank and other regulatory authorities, at appropriate time.

Net profit of Indian Bank rose 670.4% to Rs 373.48 crore on 2.5% growth in total income to Rs 4557.25 crore in Q3 December 2016 over Q3 December 2015.

Government of India currently holds 82.1% stake in Indian Bank (as on 31 December 2016).

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