Indian Overseas Bank peaks on fund buying

DALAL STREET SPIKES

Indian Overseas Bank gained 2.66 per cent to touch an all-time high of Rs 48.20 on the back of aggressive buying.

According to market sources, the counter has been witnessing operators activity for the last two months, pushing the stock to its all-time high.

The counter in Thursday's trading witnessed volumes of 33.03 lakh shares at the BSE while the overall market breadth was negative. Sources said, some local funds were also active on the IOB counter today.

The stock in the last two months has appreciated from a low of Rs 35 on January 15 to today's all-time high of Rs 48.20 with a surge in trading volumes.

Even Delhi-based investor, Abhishek Dalmia is active in the IOB counter and has accumulated more than one per cent of the bank's equity in the last two months.

The average daily volume in the stock on BSE in the last one year to 11 March 2003 was 4.23 lakh shares.