Multibagger bank stock jumped up to 20% after 3.53 Cr shares of the company changed hands

This bank stock hit a 20% upper circuit after 3.53 Cr shares changed hands, on Monday. The stock hit a new 52-week high of Rs. 47.40 on the same day and trading above both 50-day and 200-day moving averages.

Indian Overseas Bank

Indian Overseas Bank belongs to a large-cap category with a market capitalisation of Rs. 85,344 Cr. On Monday the stock hit 20% upper circuit and closed 14.3% up at Rs. 45.15 on NSE.

As per the reports, 3.53 Cr shares have changed hands in multiple large trades, which is 0.2% equity. Both buyers and sellers were not known immediately.

The stock has delivered 145% returns to the investors in one year, therefore making an investment of Rs. 1 lakh one year ago now would be worth Rs. 2.45 lakhs.

According to the company filing, total revenue grew by 35% from Rs. 595 Cr in Q1 FY23 to Rs. 806.7 Cr in Q1 FY24 and for the same period, net profits increased by 28% from Rs. 393 Cr to Rs. 504 Cr.

As per the latest shareholding information, Promoters hold 96.38%, FIIs hold 0.09%, DIIs hold 1.34% and Public hold a 2.19% stake in the company.

IOB (Indian Overseas Bank) provides financial services and products. It offers NRI accounts, loans, credit cards, savings, mobile banking, and internet banking. Savings accounts, current accounts, retail items, Indian overseas bank cards, term deposits, third-party insurance, term deposits, and online payments are among the bank products.

Written by Sheshadri N

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