Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

Indian Overseas Bank share price: Indian Overseas Bank shares were buzzing in trade on Wednesday, December 11, 2024, as the scrip zoomed up to 4.66 per cent to hit an intraday high of Rs 59.50 per share.

 

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (Rs 1,359 crore).

 

In an exchange filing, Indian Overseas Bank said, “As per the order dated August 17, 2024, the amount refundable to the Bank for the AY 2015-16 including interest u/s 244A of the Income-tax Act is Rs 1359,29,17,840. Further, we wish to inform you that the order was received through Income Tax Portal on December 10, 2024 and the Bank also became aware of the information in respect of the above said order on December 10.

 

About Indian Overseas Bank   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.

 

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.

 

Indian Overseas Bank share price history  The market capitalisation of Indian Overseas Bank is Rs 1,09,255.94 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 40.71 per share.

 

At 11:04 AM, Indian Overseas bank shares were trading 1.67 per cent higher at Rs 57.80 per share. In comparison, BSE Sensex was trading 0.16 per cent higher at 81,638.68 levels.