Indian Bank advances on getting rating re-affirmation for proposed Tier II bonds

Oct 31, 2014 11:13 Hrs IST

Indian Bank is currently trading at Rs. 169.60, up by 3.75 points or 2.26 % from its previous closing of Rs. 165.85 on the BSE. The scrip opened at Rs. 166.20 and has touched a high and low of Rs. 170.50 and Rs. 166.20 respectively. So far 8453 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 198.90 on 26-May-2014 and a 52 week low of Rs. 73.25 on 31-Oct-2013. Last one week high and low of the scrip stood at Rs. 170.00 and Rs. 161.00 respectively. The current market cap of the company is Rs. 7902.42 crore. The promoters holding in the company stood at 81.51 % while Institutions and Non-Institutions held 14.57 % and 3.92 % respectively. Credit rating agency, CARE has reaffirmed AAA rating to Indian Bank’s Proposed Tier II Bonds (Basel III compliant) worth Rs 1000 crore. The rating takes into account the majority ownership of Indian Bank by the Government of India (GoI), its comfortable capitalization level, consistent business growth and comfortable liquidity and resource profile. The bank’s net profit for the quarter declined by 34.73% at Rs 207.16 crore as compared to Rs 317.39 crore for the quarter ended June 30, 2013. Its total income has decreased marginally by 1.23% to Rs 4144.01 crore for the quarter under review from Rs 4195.48 crore for the corresponding quarter of the previous year.