Indian Bk up 8%, hits new high on solid Q3 nos; Motilal expects more upside

In past six months, the share price of Indian Bank has appreciated by 43 per cent, as against 6.4 per cent rise in the S&P BSE Sensex.

Shares of Indian Bank hit a record high of Rs 478.60, as they surged 8 per cent on the BSE in Thursday’s intra-day trade backed by heavy volumes in an otherwise weak market owing to strong December quarter (Q3FY24) results. The bank's net profit jumped 52 per cent to Rs 2,119 crore, on the back of improvements in core income and a reduction in bad loans. It had posted profit of Rs 1,396 crore in a year ago quarter.

At 10:18 AM; Indian Bank was quoting 6.5 per cent higher at Rs 470.65, as compared to 0.69 per cent decline in