{"id":110494,"date":"2023-09-21T17:55:00","date_gmt":"2023-09-21T12:25:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=110494"},"modified":"2023-09-21T16:20:39","modified_gmt":"2023-09-21T10:50:39","slug":"bank-stock-jumps-48-in-less-than-10-days-whats-driving-the-rally","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/bank-stock-jumps-48-in-less-than-10-days-whats-driving-the-rally\/","title":{"rendered":"Bank stock jumps 48% in less than 10 days; What&#8217;s driving the rally?"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2291750481\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Shares of a large-cap banking company zoomed 48 percent in less than ten days, increasing from \u20b9 32.35 to \u20b9 47.95 apiece. Its shares were trading at \u20b9 45.85 apiece at 01:15 PM on Thursday.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2218530882\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Shares of PSU Banks were on a roll this week, amid expectations of improved earnings and asset quality of state-owned banks. A few banks that witnessed a rally include Indian Overseas Bank, Central Bank of India, Punjab &amp; Sind Bank (PSB) and Uco Bank. In fact, the shares of Indian Overseas Bank (IOB) saw a 48 percent rally in less than ten days!&nbsp;<\/p><p><strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/IOB\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">IOB<\/a><\/strong> hit an eight-year high of \u20b9 48.60 on Wednesday. The stock was quoting at its highest since April 2015. The bank saw a spike in volumes. A combined 35.44 crore shares had changed hands on the counter On Thursday.\u00a0<\/p><p>Analysts say that the bank\u2019s sustained improvement in earnings and asset quality, and strengthening of capital position, which is likely to be maintained over the medium-term is driving the sentiment.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-584807687\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>&#8220;The bank has been profitable since the past three fiscals (fiscal 2021) owing to lower credit cost backed by less incremental stress as well as improving net interest margins (NIMs). With higher provisions and lower slippages, the bank is expected to maintain profitability over the medium term,&#8221; said CRISIL Ratings.&nbsp;<\/p><p>The bank\u2019s gross non-performing assets (NPAs) eased to 7.13 per cent of the gross advances by June 2023 compared to 9.12 per cent a year ago. It reported a 28.22 percent increase in its net profit to \u20b9 504.03 crores in the latest quarter, compared to \u20b9 393.10 crores in the corresponding quarter last year.&nbsp;<\/p><p>With a market capitalization of \u20b9 87,991 crores, Indian Overseas Bank is a large-cap company. It has a low return on equity of 1.09 percent. Its shares were trading at a price-to-earnings ratio (P\/E) of 39.79, which is higher than the industry P\/E of 14.87, indicating that the stock might be overvalued as compared to its peers.&nbsp;<\/p><p>The government of India holds a 96.83 percent stake in it, followed by retail investors with 2.20 percent, other domestic institutions with 1.25 percent, foreign institutions with 0.09 percent and mutual funds with a 0.08 percent stake in it.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Simran Bafna&nbsp;<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-23752060\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Shares of a large-cap banking company zoomed 48 percent in less than ten days, increasing from \u20b9 32.35 to \u20b9 47.95 apiece. Its shares were trading at \u20b9 45.85 apiece at 01:15 PM on Thursday.&nbsp; Shares of PSU Banks were on a roll this week, amid expectations of improved earnings and asset quality of state-owned [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":97245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[12350,12349,948,936],"class_list":["post-110494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-iob-latest-news","tag-iob-share-price","tag-stock-market","tag-stock-market-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank stock jumps 48% in less than 10 days; What&#039;s driving the rally? - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Shares of a large-cap banking company zoomed 48 percent in less than ten days, increasing from \u20b9 32.35 to \u20b9 47.95 apiece. 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