Indian Bank extends rally post robust September-quarter results

The stock hit a record high of Rs 401, up 8%, extending its 17% gain in past six trading sessions

Indian Bank rallied 8% to Rs 401, extending its 17% gain in past six trading sessions, after the state-owned bank reported a good set of numbers for the quarter ended September 2017 (Q2FY18).

Indian Bank had reported 12% rise in its net profit at Rs 452 crore in Q2FY18 against Rs 405 crore in the corresponding quarter of previous fiscal. Net interest income (interest income less interest expenditure) surged by 21% to Rs 1,544 crore from Rs 1,278 crore in a year ago quarter.

The asset quality of the bank improved during the reporting quarter with the gross