Indian Overseas Bank gained 1.39% to Rs 25.55 at 14:00 IST on BSE after bank said its committee of directors will meet on 29 May 2017 to consider raising of equity capital by way of preferential issue to the Government of India.
The announcement was made after market hours yesterday, 24 May 2017.The stock had dropped 15.71% in six sessions to Rs 25.20 yesterday, 24 May 2017 from a close of Rs 29.90 on 16 May 2017, mainly driven lower by weak Q4 results.
Meanwhile, the S&P BSE Sensex was up 290.72 points or 0.96% at 30,587.09. The S&P BSE Mid-Cap index was up 147.15 points or 1.05% at 14,184.85.
On the BSE, 2.1 lakh shares were traded on the counter so far as against the average daily volumes of 4.17 lakh shares in the past one quarter. The stock had hit a high of Rs 25.65 and a low of Rs 25.35 so far during the day.
The stock had hit a 52-week high of Rs 32.25 on 5 May 2017 and a 52-week low of Rs 21.10 on 9 November 2016. The stock had underperformed the market over the past one month till 24 May 2017, declining 11.42% compared with 2.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 7.18% as against Sensex's 4.88% rise.
The mid-cap public sector bank has equity capital of Rs 2454.73 crore. Face value per share is Rs 10.
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Indian Overseas Bank reported net loss of Rs 646.66 crore in Q4 March 2017, compared with net loss of Rs 936.19 crore in Q4 March 2016. The bank's total income declined 8.1% to Rs 5661.70 crore in Q4 March 2017 over Q4 March 2016.
Government of India holds 79.56% stake in Indian Overseas Bank as per the shareholding pattern as on 31 March 2017.
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