Penny stock magic: This multibagger penny stock skyrockets in Friday’s session; Do you own it?
The stock has witnessed significant buying activity as it has given multibagger returns of more than 190 per cent in just 3 years
On Friday, shares of Indian Overseas Bank zoomed more than 15 per cent to trade an intraday high of Rs 31.09 apiece on BSE. The scrip witnessed massive spurt in volume by more than 3.93 times. The company informed the exchange that CARE Ratings has assigned fresh rating of CARE A1 + (A One Plus) to Bonk's proposed Certificate of Deposits of Rs 10,000 crore.
In Q1FY23, the Indian public sector bank announced a notable surge of 28.4 per cent in its net profit, reaching Rs 500.35 crore during the first quarter of the fiscal year 2023-24, as compared to the preceding year's Rs 392.3 crore. The bank, headquartered in Chennai, exhibited a marginal decrease in its Non-Performing Assets (NPA) metrics. Over the review period, the bank's gross NPA settled at 7.13 per cent, while its net NPA demonstrated a resilient position at 1.44 per cent. Impressively, the Net Interest Income (NII) showcased a robust upswing of 32.4 per cent, ascending to Rs 2,322.5 crore.
However, despite the commendable profitability performance, the bank encountered a contrasting trend in its total income, which encountered a approximately 6 per cent quarter-on-quarter reduction, reaching Rs 622.7 crore in Q1 FY 2023-24, in contrast to the preceding quarter's Rs 662.642 crore. Nevertheless, on an annual basis, the bank's total income exhibited a noteworthy advancement of 24 per cent year-on-year, underscoring its overall positive trajectory and financial soundness.
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Indian Overseas Bank was founded in 1937 by Chidambaram Chettyar. It was one of the 14 major banks that were nationalized in 1969.
The stock has witnessed significant buying activity as it has given multibagger returns of more than 190 per cent in just 3 years. Moreover, the stock has surged more than 70 per cent in just 1 year. Keep a close eye on this trending multibagger stock.
Disclaimer: The article is for informational purposes only and not investment advice.