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Indian Overseas Bank share price: State-owned Indian Overseas Bank (IOB) shares increased up to Rs 2.64 per cent to hit an intraday high of Rs 53.85 per share on Wednesday, November 27, 2024.
The up move in Indian Overseas Bank scrip came after the company announced that it has received tax refunds of Rs 1,238.31 crore from the Income Tax Department (I-T Department).
“As per the order dated August 19, 2024, the amount refundable to the Bank for the AY 2019-20 including interest u/s 244A of the Income-tax Act is Rs 1238,31,09,327 (Rupees Thousand Two Hundred and Thirty Eight Crores Thirty One Lakhs Nine Thousand Three Hundred and Twenty Seven Only). Further, we wish to inform you that the order was received through Income Tax Portal on November 25, 2024 and the Bank also became aware of the information in respect of the above said order only on November 25.”
Indian Overseas Bank (IOB) is a public sector bank in India, established in 1937 by M. Ct. M. Chidambaram Chettyar with a focus on foreign exchange and overseas banking.
The bank began its journey by simultaneously opening branches in Karaikudi, Madras (Chennai), and Rangoon (Yangon). Over the years, it has grown into a trusted financial institution, providing comprehensive banking services.
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Headquartered in Chennai, IOB caters to diverse customer needs with offerings like retail banking, personal banking, merchant banking, and digital banking services.
With a global presence through branches in Singapore, Colombo, Hong Kong, Bangkok, and Seoul, IOB continues to play a major role in India's banking sector. It was one of the 14 banks nationalised in 1969, further solidifying its importance in the country's financial landscape.
The market capitalisation of Indian Overseas Bank is Rs 1,00,579.74 crore, according to BSE. The company falls under the BSE 200 category.
The 52-week high of the Indian Overseas Bank share iRs 83.80 while its 52-week low is Rs 38.95 per share.
At 1:40 PM, Indian Overseas bank shares were trading 1.51 per cent higher at Rs 53.25 per share. In comparison, BSE Sensex was trading 0.51 per cent higher at 80,409.32 levels.
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