Indian Bank board to mull fund raising on Jan 22

The state-run bank said its board will consider fund raising on 22 January 2021.

The board will mull fund raising through qualified institutional placement (QIP) / follow-on public offer (FPO) /rights issue and/or in combination thereof. The board will also consider Q3 results in the same meeting.

The scrip was up 0.63% at Rs 96, extending gains for second day. The stock has added 5.73% in two sessions from its recent closing low of Rs 90.80 on 18 January 2021.

In the past three months, the stock has zoomed 60.96% while the benchmark Sensex has added 22.29% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 64.147. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average placed at 80.16, 69.96 and 62.86, respectively.

Indian Bank is a public sector bank. The Government of India held 88.06% stake in the bank as on 31 December 2020.

The bank reported 15% rise in net profit to Rs 412.28 crore on a 93% jump in total income to Rs 11,669.12 crore in Q2 FY21 over Q2 FY20.

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