IOB hits 52 week high, jumps 57% in eight days

Indian Overseas Bank rallied 8.18% to Rs 35.05, extending gains for the eighth trading session.

Shares of Indian Overseas Bank surged 56.82% in eight consecutive sessions.

On the BSE, 1.20 crore shares were traded in the counter so far compared with average daily volumes of 84.67 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 36.45 today, 15 December 2022. The stock hit a 52-week low of Rs 15.25 on 20 June 2022.

The stock had outperformed the market over the past one month, advancing 76.57% compared with 0.71% rise in the Sensex.

The counter had outperformed the market in past one quarter, surging 83.51% as against Sensex's 3.96% rise.

The scrip had also outperformed the market in past one year, rising 62.27% as against Sensex's 7.82% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 88.027. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 21.19, 19.52 and 18.56 respectively.

Indian Overseas Bank is one of the public sector banks (PSB) in India. As of 30 September 2022, the Government of India held 96.38% in IOB, followed by institutional investors, the public, and others.

The bank's standalone net profit jumped 33.2% to Rs 501.34 crore on 15% rise in total income to Rs 5852.45 crore in Q2 FY23 over Q2 FY22.

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