Indian Bank jumped 3.30% to Rs 183 at 11:45 IST after the net profit soared 31.5% to Rs 371.98 crore on a 14.4% increase in total income to Rs 2174.37 crore in Q2 September 2009 over Q2 September 2008.
The results were announced during trading hours today, 23 October 2009.
Meanwhile, the BSE Sensex was up 109.40 points, or 0.65%, to 16899.14.
On BSE, 2.08 lakh shares were traded in the counter as against an average daily volume of 1.85 lakh shares in the past one quarter.
The stock hit a high of Rs 185.50 and a low of Rs 177.50 so far during the day. The stock had hit a 52-week high of Rs 195.70 on 20 October 2009 and a 52-week low of Rs 63.75 on 12 March 2009.
The stock had outperformed the market over the past one month till 22 October 2009, rising 10.57% as compared to the Sensex 0.57% fall. It outperformed the market in past one quarter, soaring 30.33% as against 13.11% rise in the Sensex.
The large-cap public sector bank has an equity capital of Rs 429.77 crore. Face value per share is Rs 10.
The current price of Rs 183 discounts the company's Q1 June 2009 annualised EPS of Rs 30.87, by a PE multiple of 5.92.
Indian Bank is a full service bank, in which the Government of India holds 80% stake. The bank offers a wide range of services including a foreign currency-banking unit at Colombo and specialized overseas branches at Chennai, Bangalore, and Mumbai exclusively for handling foreign exchange transactions arising out of export, import, remittances and non-resident Indian business.