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Indian Bank shares soar 9%

LiveMint logoLiveMint 25-04-2017 PTI

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 Rs 319.70 crore for the January-March quarter.

The stock zoomed 9% to settle at Rs 310.80 on BSE.

Intra-day, it soared 11.80% to its 52-week high of Rs 318.80. At NSE, shares of the company advanced by 8.68% to close at Rs 309.85.

Led by the surge in the stock, the company’s market capitalisation (mcap) rose by Rs 1,232.46 crore to Rs 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 Rs 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 Rs 93.62 crore. Total income in the reported quarter increased marginally to Rs 4,601.89 crore against Rs 4,522.73 crore, the bank said in a regulatory filing.

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