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Indian Bank share price gains 13% despite Q4 loss

BusinessToday.In     June 23, 2020

Indian Bank share price rose 13.29% in Tuesday's trade after the company posted its March quarter earnings.

The company reported a loss of Rs 217 crore for the quarter ended March 2020 compared to a loss of Rs 190 crore during the corresponding quarter in FY19. Net Interest Income gained 13.6% to Rs 2,002 crore in Q4 FY20 against Rs 1,763 crore YoY in Q4 FY19.

Indian Bank share price opened with a gain of 2.87% and later touched an intraday high of Rs 72.9, rising 13.29% on BSE today.

The stock has traded in a wide range of Rs 7.6. Indian Bank stock has risen 26% in one week and 55% in one month.

Indian Bank stock trades higher than 5, 20, 50 and 100-day but lower than 200-day moving averages.

The company reported a 2.1% drop in gross NPAs on a yearly basis to Rs 14,150 crore for the quarter ended March 2020 compared to Rs 13,826 crore for quarter ended March 2019.

Net NPAs gained 4.8% to Rs 6,184 crore in Q4 FY20 against Rs 6,487 crore YoY in Q4 FY19.


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