Indian Overseas Bank spurts after Govt injects funds

Indian Overseas Bank rose 4.69% to Rs 16.75 after the bank said it received a capital infusion of Rs 4,100 crore from the Government of India towards preferential allotment of shares during the FY20-21.

The public sector bank posted a net profit of Rs 212.87 crore in Q3 FY21 as against net loss of Rs 6,075.49 crore in Q3 FY20. The bank's total income jumped 11.3% to Rs 5,786.54 crore in Q3 FY21 from Rs 5,197.94 crore in Q3 FY20.

The Government of India held 95.84% stake in Indian Overseas Bank as on 31 December 2020.

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