Indian Bank

Indian Bank declares 47% dividend for 2013-14

Indian-BankChennai: Shareholders of public sector Indian Bank have approved final dividend of 47 percent for the year ending March 31, 2014.

A decision to this effect was taken at the bank's annual general meeting held in the city recently, Chennai-based Indian Bank said in a statement.

"Shareholders approved payment of dividend of 47 percent for the year 2013-14 of which bank has made payment of interim dividend of 30 percent on January 25, 2014," it said.


Indian Bank to sell big loan default accounts

Indian Bank to sell big loan default accountsChennai, Jan 23 : City-based Indian Bank has decided to sell off some of its big loan defaulting accounts to asset reconstruction companies and cut down its non-performing assets (NPA), said a top bank official here Thursday.

"We have identified 19 big accounts to be sold to asset reconstruction companies.  Each account would have an outstanding of Rs. 5 crore and above.  Approximately the total outstanding to the bank on these accounts will be around Rs. 300 crore," chairman and managing director T. M.  Bhasin told reporters after announcing the bank's third quarter results.


Indian Bank net falls by Rs.166 crore

Indian-BankChennai, May 9 : Government-owned Indian Bank closed last fiscal with a Rs. 166 crore fall in its net profit owing to higher provisioning for bad debts and other accounts despite the total income going up by Rs. 1,717 crore.

Announcing the annual results for 2012-13 here Thursday, chairman and managing director T. M. Bhasin said: "The provisioning in absolute terms went up by Rs. 400 crore to around Rs. 704 crore."

The bank's total income stood at Rs. 15,180 crore last fiscal, up from Rs. 13,463 crore posted in 2011-12.


Indian Bank reports fall in net profit, hike in NPA

Indian-BankChennai, Feb 2 : City-based government-owned lender Indian Bank closed the third quarter of the current fiscal with a 37 percent fall in net profit and a steep hike in non-performing assets (NPA).

The bank closed the third quarter with a net profit of around Rs. 331 crore, down from Rs. 526 crore posted during comparable period the previous fiscal.


Indian Bank’s net profit fall 21 per cent

Indian Bank’s net profit fall 21 per centIndian Bank has reported a fall of 21 per cent in its net profit in the fourth quarter till March 2012 to Rs. 345.42 crore against Rs. 438.86 crore in the same period in the previous year.

The fall in net profit is mainly attributed to reversal of interest on account of restructured loans and increased provisioning against non-performing loans.


Indian Bank net profit up 7 percent

Indian Bank net profit up 7 percentMumbai, April 23 : Chennai-headquartered Indian Bank Saturday reported a 7 percent rise in net profit at Rs. 438.85 crore for the quarter ended March 31, as against Rs. 409.95 crore for the period last year.

The total income of the bank, for the quarter under review also grew, by 24 percent to Rs. 2,865.8 crore, it said in a regulatory statement.

However, the earnings per share dipped to Rs. 9.94 for the quarter ended March, as against Rs. 11.16 recorded in the previous sequential quarter.


Indian Bank Short Term Buy Call

Indian Bank Short Term Buy CallTechnical analyst Shrikant Shetty of Unicon Securities has maintained 'buy' rating on Indian Bank stock to achieve a short term target of Rs 275.

Today, the stock of the bank opened at Rs 215 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 316.50 and a low of Rs 163 on BSE.

Current EPS & P/E ratio stood at 39.21and 5.51 respectively.

As per reports, Indian Bank has decided to launch 10 e-branches branches by March next year.


Buy Indian Bank With Target Of Rs 240

Buy Indian Bank With Target Of Rs 240Technical analyst Sanjay Surekha has maintained 'buy' rating on Indian Bank stock to achieve a target of Rs 240.

According to analyst, the stock can be purchased on dips with a stop loss of Rs 215.

The stock of the bank, on March 08, closed at Rs 223.10 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 316.50 and a low of Rs 163 on BSE.

Current EPS & P/E ratio stood at 39.21 and 5.80 respectively.


Buy Indian Bank With Target Of Rs 240

Buy Indian Bank With Target Of Rs 240Technical analyst Mitesh Thacker has maintained 'buy' rating on Indian Bank stock to achieve a short term target of Rs 240.

According to analyst, the stock can be purchased with a stop loss of Rs 209.

Today, the stock of the bank opened at Rs 223.45 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 316.50 and a low of Rs 163 on BSE.

Current EPS & P/E ratio stood at 39.21 and 5.51 respectively.


Indian Bank forecasts phenomenal business this year

Indian-BankLooking at the current level of things happening in economy, the Chennai-based bank, Indian Bank has said that it expects good business during the current fiscals. Its forecast is that it will be able to generate a business of Rs. 1.85 lakh crore business this fiscal.

During a press meet, T. M. Bhasin, chairman and managing director of the bank said that they were targeting to have a business of Rs. 1.85 lakh crore, which is 25 per cent higher than what the bank has achieved during the last fiscal.


Toyota joins hands with Indian Bank

Toyota joins hands with Indian BankWith a view to establish a proper framework before its small car enters the Indian shores, Toyota has recently taken a step in the same direction by joining hands with Indian Bank to provide retail financing facilities to its prospective customers.

TKM said in a statement that the company has extended its auto retail finance to their prospective customers with Indian Bank after it had signed a MoU with the public sector lender.


Short Term Buy Call For Indian Bank

Short Term Buy Call For Indian BankStock market analyst Anu Jain has maintained 'buy' rating on Indian Bank stock to achieve target of Rs 255 in 1-2 trading sessions.

According to analyst, the investors can buy the stock with stop loss of Rs 234.50.

Today, the stock of the bank opened at Rs 240 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 36.18 and 6.62 respectively.

The share price has seen a 52-week high of Rs 239.40 and a low of Rs 120.45 on BSE.


Indian Bank raises FCNR rates

indian-bankOn Friday, Chennai-based Indian Bank raised its interest rates for Foreign Currency and Non Resident (B) and NRE (Non Resident External) deposits, applicable from April 1.

As per the bank, the deposit rates for FCNR (B) deposits, in US dollar terms, have been fixed at 1.92 per cent for a period of one year. But it should be less than two years. For a period of two years but less than three years, it is going to be 2.24 per cent as against the present rate of 2.08 per cent.


Indian Bank posts higher net profit at Rs 441.4 cr in Q3

Indian Bank posts higher net profit at Rs 441.4 cr in Q3Indian bank has reported a net profit of at Rs 441.4 crore in the third quarter of the current financial year against Rs 350.7 crore in the same period last year.

The company's Q3 NII rose to Rs 873 crore in the third quarter against Rs 719.6 crore, on Year on Year basis.

The bank's trailing 12-month EPS was at Rs 33.70 per share (Sep, 2009).

The banks stock's price-to-earnings ratio stood at 5.14.

The book value of the firm was at Rs 127.52 per share while the bank registered Price-to-book value at 1.36.


Tata Motors inks pact with Indian Bank

Tata Motors inks pact with Indian BankTata Motors, India's largest automobile company, has entered into a Memorandum of Understanding (MoU) with the Indian Bank, to finance its cars.

Under the arrangement, customers can avail loans up to 85% of the ''on-road price'', for tenure ranging up to 7 years, at an attractive interest rate of 11.50% p.a. for new Fiat cars of their choice from the Linea, Palio and the recently launched Grande Punto range.

According to an official release, this facility will be available at all 1646 branches of Indian Bank and the 100 sales touch points of the Tata-Fiat distribution network.


Buy Indian Bank For Target Rs 160: Ashwani Gujral

Buy Indian Bank For Target Rs 160: Ashwani GujralStock market analyst Ashwani Gujral has maintained ‘Buy’ rating on Indian Bank to achieve a target between Rs 155- Rs 160 in the coming days.

According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 138.

Shares of the company, on Tuesday (June 30), closed at Rs 146.35 on the Bombay Stock Exchange (BSE). The total volume of the shares traded stood at 394,414. The scrip hit an intraday high of Rs 148 and an intraday low of Rs 139.15.


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