Indian Bank

IBA finalizes wage revision pact with unions

IBA finalizes wage revision pact with unions

The Indian Banks' Association (IBA) has finalized the revised wage agreement with a number of unions and officer associations. The agreement would include 17.5% increase in the establishment expenses of Rs. 27,520 crore as of the end of the financial year.

The agreement with the organizations will be applicable for all the banks in the industry. It will bring Rs. 5, 200 additional wage components for 46 banks, according to the All India Bank Employees Association.

Indian Bank Q3 Net Profit Up 25.86% At Rs 441.38 Crore

Indian Bank Q3 Net Profit Up 25.86% At Rs 441.38 CroreIndian Bank has announced its quarterly results for the three month period ended December 31, 2009.

The public sector lender has registered a growth of 25.86% in its net profit, which stood at Rs 441.38 crore for the period under review as against Rs 350.70 crore during the corresponding period of 2008.

The bank's net interest income surged 21.31% to Rs 872.97 crore as compared to Rs 719.60 crore in the same period of the last year.

Indian Bank Q1 net profit jumps 52.40% to Rs 331.66 crore

Indian Bank Q1 net profit jumps 52.40% to Rs 331.66 croreIndian Bank, headquartered in Chennai, on Thursday announced that its net profit for the first quarter of the current financial year jumped 52.40% to Rs 331.66 crore.

Mr. M S Sundara Rajan, Chairman of Indian Bank, announced that the bank had accounted a net profit of Rs 217.62 crore in the same period last year.

Short Term Buy Call For Indian Bank

Stock Market Analyst Ashwani Gujral has recommended a ‘BUY’ on Indian Bank with a 3-4 months target price of Rs 320.

Today, the stock opened at Rs 225 as against its last closure at Rs 226.95 on BSE. Current P/E and EPS is 9.76 and 23.33 respectively. The stock has seen a 52-week high of Rs 256 and a low of Rs 77 on BSE.

Short Term Buy Call For 'Indian Bank'

Technical analyst Ashwani Gujral has suggested investors to buy Indian Bank with a stop of 219 to achieve a short term target of Rs 265.

Mr. Gujral also told that investors should not hold this stock for medium or long term as it is very risky to keep it for future due to the declining trend of the stock market. Buy it, make decent profit and sell it. This is the real mantra for this stock.

Interested investors can buy the stock around Rs 225; don’t buy it on upper levels.

Indian Bank Q3 Net Up 61.44%

Leading public sector lender, Indian Bank has announced a fantastic increase in the earnings for the quarter ended December 2007.

During the quarter, the bank experienced a 61.44% rise in earnings to Rs 3,075 million compared with Rs 1,904.70 million in the prior year period.

The bank has recorded earnings per share (EPS) of Rs 6.92 in the quarter ended December 2007.

The total income during the quarter climbed up 36.31% to Rs 16,760 million as compared with the corresponding quarter, a year ago.