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Indian Bank surges on signing MoU with Muthoot Microfinance

Indian Bank is currently trading at Rs. 124.50, up by 0.80 points or 0.65% from its previous closing of Rs. 123.70 on the BSE.

The scrip opened at Rs. 123.50 and has touched a high and low of Rs. 124.80 and Rs. 122.85 respectively. So far 3957 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 292.35 on 04-Jun-2019 and a 52 week low of Rs. 105.10 on 14-Oct-2019.

Last one week high and low of the scrip stood at Rs. 139.60 and Rs. 122.60 respectively. The current market cap of the company is Rs. 6070.45 crore.

The promoters holding in the company stood at 79.62%, while Institutions and Non-Institutions held 14.55% and 5.83% respectively.

Indian Bank has signed a memorandum of understanding (MoU) with Muthoot Microfinance to serve micro, small and medium enterprises. Under the MoU, the bank and the non-banking finance company will jointly lend to the MSME borrowers.

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.

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