IOB jumps on appointing Deloitte to survey Africa, Australia, New Zealand markets

Indian Overseas Bank | Bank - Public | BFSI | BSE: 532388 | NSE: IOB

23 Jan 2012 Evaluate

Indian Overseas Bank (IOB) is currently trading at Rs. 89.15, up by 2.40 points or 2.77% from its previous closing of Rs. 86.75 on the BSE.

The scrip opened at Rs. 87.00 and has touched a high and low of Rs. 90.05 and Rs. 87.00 respectively. So far 45067 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 164.20 on 02-May-2011 and a 52 week low of Rs. 72.85 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 90.05 and Rs. 82.00 respectively. The current market cap of the company is Rs. 5522.34 crore.

The promoters holding in the company stood at 65.87% while Institutions and Non-Institutions held 18.18% and 15.95% respectively.

IOB country’s public sector lender has appointed consulting firm Deloitte to undertake a survey of the banking landscape in Africa, Australia and New Zealand. It will enter these markets only after Deloitte’s recommendation reports.

Deloitte will cover the regulatory framework, level of competition, prospects for branch opening or subsidiary route could be adopted in its survey. On the domestic front, IOB is well on course to achieve its target of opening 400 branches including 40 special branches this fiscal. IOB had opened 188 branches in 2010-11.

Recently, Indian Overseas Bank has inked MoU with Small Industries and Development Bank of India (SIDBI). As per the deal SIDBI will provide a line of credit of Rs 100 crore to the bank for a period of seven years.