Indian Overseas Bank stock zooms 8%; heading toward 52-week high

Shares of public sector lender Indian Overseas Bank rose over 8% amid a rising market today. The stock has been trading in the green for two sessions. Indian Overseas Bank stock rose 8.48% to Rs 32.60 today against the previous close of Rs 30.05 on BSE. In the current trading session, the stock opened marginally higher at Rs 30.10. Shares of Indian Overseas Bank are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The rise in the stock price can be attributed to heavy volumes of shares traded on the bourses. At 12:48 pm, 94.11 lakh shares of the firm changed hands amounting to a turnover of Rs 29.64 crore on BSE.

This is the highest volume of shares traded on BSE since January 11.  On January 11, 1.01 crore shares of the firm changed hands on BSE amounting to a turnover of Rs 30.29 crore. Market cap of the lender rose to Rs 61,054 crore.

The shares of Indian Overseas Bank hit a 52-week high of Rs 36.70, on December 16, 2022 and a 52-week low of Rs 15.25 on June 20, 2022.
 
In terms of technicals, the relative strength index (RSI) of Indian Overseas Bank stands at 51.9, signaling neither the stock is overbought or oversold. The stock has a one-year beta of 1, indicating average volatility during the period.  

The bank is yet to report its earnings for the quarter ended December 2022. In the September quarter of the current fiscal, Indian Overseas Bank reported a 33.2 per cent rise in net profit to Rs 501.34 crore on a 15 per cent increase in total income to Rs 5,852.45 crore in Q2 FY23 over Q2 FY22.

 For the quarter ended September 30 2022, the bank's profit before tax (PBT) climbed by 32.1 per cent year on year to Rs 505.95 crore. Operating profit before provisions and contingencies was Rs 1,494.18 during the quarter, up 31.7 per cent from the same period last year.
 

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