IOB surges 9% in 4 days

Meanwhile, the BSE Sensex was up 50.64 points or 0.26% at 19,764.88.

On BSE, 1.43 lakh shares were traded in the counter as against average daily volume of 1.67 lakh shares in the past one quarter.

The stock hit a high of Rs 93.20 and a low of Rs 90.55 so far during the day. The stock had hit a 52-week high of Rs 119 on 22 February 2012. The stock had hit a 52-week low of Rs 66.20 on 6 September 2012.

The stock had outperformed the market over the past one month till 2 January 2013, surging 17.04% compared with the Sensex's 1.94% rise. The scrip had also outperformed the market in past one quarter, jumping 12.31% as against Sensex's 4.73% gain.

The mid-cap state-run bank has equity capital of Rs 797 crore. Face value per share is Rs 10.

Shares of Indian Overseas Bank (IOB) have rallied 9.04% in four trading sessions from Rs 85.15 on 28 December 2012, after the bank during trading hours on 31 December 2102 said its board at a meeting held on 29 December 2012 approved rights issue of 20 crore equity shares of the bank. IOB's board has also given an in-principle approval for issue of 20 crore fully convertible preference shares of face value of Rs 10 each at par, to be converted into equity shares of Rs 10 face value at premium (to be decided at the time of issue) at a future period not exceeding five years from date of issue by way of private placement.

IOB's net profit fell 23.6% to Rs 158.43 crore on 14.4% growth in total income to Rs 5515.04 crore in Q2 September 2012 over Q2 September 2011.

The Government of India (GoI) holds 69.62% stake in IOB (as per the shareholding pattern as on 30 September 2012).

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