Intraday Buy Call For Indian Overseas Bank

Intraday Buy Call For Indian Overseas BankTechnical Analyst Kunal Sarogi has maintained 'buy' rating on Indian Overseas Bank (IOB) stock to achieve an intraday target of Rs 107.

According to him, interested traders can purchase the stock with a stop loss of Rs 100.

The shares of the bank, on April 26, closed at Rs 102.05 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 141 and a low of Rs 60.50 on BSE.

Current EPS & P/E ratio stood at 12.35 and 8.22 respectively.

On Monday, the country's top auto maker Tata Motors signed up a deal with IOB for financing its different commercial vehicles across India.

Under this affiliation, IOB would not collect any processing charges from clients and no collateral would be needed up to Rs 1 crore funding.

IOB would provide loans for Tata Motors' commercial vehicles up to 85% on the onroad price.

Around 1,998 IOB divisions would offer this facility. Moreover, the facility is also available at the commercial vehicle franchises of Tata Motors.

Indian Overseas Bank, a leading banking institution based in Chennai, was set up in the year 1937 with the objective to specialize in Forex and overseas banking business in India.

It commenced with simultaneously three arms in Chennai, India; Rangoon, Burma and Penang.

The bank offers up specialized services to its retail clients, which comprise Any Branch Banking, ATM Banking, IOB STARS and the popular and latest one is the 8% Saving (Taxable) Bond Scheme.