Shares of Indian Bank surged nearly 6 per cent today after the company reported a more than seven-fold jump in its net profit for the third quarter.
The stock jumped 5.63 per cent to settle at Rs 272.15 on BSE. During the day, it soared 8.28 per cent to Rs 279 -- its 52-week high.
On NSE, shares of the company went up by 5.74 per cent to close at Rs 272.40.
State-owned Indian Bank's net profit jumped more than seven-times to Rs 373.48 crore for third quarter of the current fiscal, mainly on account of less provisioning for bad loans.
The bank had reported a net profit of Rs 48.48 crore in the October-December quarter of 2015-16.
"Total income has increased to Rs 4,557.25 crore for the quarter ended December 31, 2016 from Rs 4,444.58 crore for the same quarter a year ago," it said in a regulatory filing.
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