Indian Overseas Bank is currently trading at Rs. 69.20, up by 1.50 points or 2.22% from its previous closing of Rs. 67.70 on the BSE.
The scrip opened at Rs. 68.55 and has touched a high and low of Rs. 69.40 and Rs. 68.40 respectively. So far 40,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 119.00 on 22-Feb-2012 and a 52 week low of Rs. 66.20 on 06-Sep-2012.
Last one week high and low of the scrip stood at Rs. 69.40 and Rs. 67.20 respectively. The current market cap of the company is Rs. 5,515 crore.
The promoters holding in the company stood at 69.62% while Institutions and Non-Institutions held 17.47% and 12.91% respectively.
Indian Overseas Bank (IOB) has entered into a distribution tie-up with Reliance Mutual Fund, a part of Reliance Capital whereby the bank will sell Reliance MF products through its 2,689 branches.
This agreement will provide the bank an opportunity to cross-sell thereby enabling it to operate as a financial super market and help in strengthening the relationship of the existing and potential customer base.
Besides, leveraging on the wide network of the bank, this agreement will help the asset management company to expand its customer base, especially in TIER II and III cities.
Reliance MF manages around Rs 1,40,000 crore across MFs, government, government-sponsored public funds, managed accounts and hedge funds.
