Indian Bank nears 52-week high in a weak market; stock up 19% in 3 months

Indian Bank said it is in a better financial health, well capitalised and the asset quality is continuously improving.

Shares of Indian Bank rallied 5 per cent to Rs 295 in Monday’s intra-day trade, on healthy outlook. The stock of state-owned lender traded close to its 52-week high level of Rs 306, which it had touched on December 14, 2022. In comparison, the S&P BSE Sensex was down 0.07 per cent at 59,290 at 02:55 pm.

Indian Bank reported nearly two-fold jump in profit at Rs 1,396 crore in the quarter ended December 2022 (Q3FY23), driven by increase in interest income and decline in bad loans. The net profit of the lender stood at Rs 690 crore in