Company Profile

Indian Overseas Bank has reported results for fourth quarter (Q4) and year ended March 31, 2024.

The bank has reported 24.31% rise in its net profit at Rs 808.10 crore for the quarter under review as compared to Rs 650.07 crore for the same quarter in the previous year. Total income of the bank increased by 37.51% at Rs 9,106.26 crore for Q4FY24 as compared Rs 6,622.42 crore for the corresponding quarter previous year.

On consolidated basis, the bank has reported 23.61% rise in its net profit at Rs 810.42 crore for fourth quarter ended March 31, 2024 as compared to Rs 655.63 crore for the same quarter in the previous year. Total income of the bank increased by 37.43% at Rs 9,112.67 crore for Q4FY24 as compared Rs 6,630.57 crore for the corresponding quarter previous year. 

For the year ended March 31, 2024, the bank has reported 26.53% rise in net profit at Rs 2,655.61 crore as compared to Rs 2,098.79 crore for the previous year. Total income of the bank increased by 26.36% at Rs 29,705.99 crore for year under review as compared to Rs 23,509.08 crore for year ended March 31, 2023.

For the year ended March 31, 2024, on the consolidated basis, the bank has reported 26.70% rise in its net profit at Rs 2665.66 crore as compared to Rs 2103.99 crore for the previous year. Total income of the bank increased by 26.39% at Rs 29,730.97 crore for year under review as compared to Rs 23,523.42 crore for year ended March 31, 2023. 

Indian Overseas Bank is currently trading at Rs. 62.12, up by 0.92 points or 1.50% from its previous closing of Rs. 61.20 on the BSE.

The scrip opened at Rs. 61.91 and has touched a high and low of Rs. 62.50 and Rs. 59.75 respectively. So far 1198442 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 83.80 on 08-Feb-2024 and a 52 week low of Rs. 23.57 on 25-May-2023.

Last one week high and low of the scrip stood at Rs. 66.65 and Rs. 59.75 respectively. The current market cap of the company is Rs. 116779.10 crore.

The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.34% and 2.28% respectively.

Indian Overseas Bank has reported results for fourth quarter (Q4) and year ended March 31, 2024.

The bank has reported 24.31% rise in its net profit at Rs 808.10 crore for the quarter under review as compared to Rs 650.07 crore for the same quarter in the previous year. Total income of the bank increased by 37.51% at Rs 9,106.26 crore for Q4FY24 as compared Rs 6,622.42 crore for the corresponding quarter previous year.

On consolidated basis, the bank has reported 23.61% rise in its net profit at Rs 810.42 crore for fourth quarter ended March 31, 2024 as compared to Rs 655.63 crore for the same quarter in the previous year. Total income of the bank increased by 37.43% at Rs 9,112.67 crore for Q4FY24 as compared Rs 6,630.57 crore for the corresponding quarter previous year. 

For the year ended March 31, 2024, the bank has reported 26.53% rise in net profit at Rs 2,655.61 crore as compared to Rs 2,098.79 crore for the previous year. Total income of the bank increased by 26.36% at Rs 29,705.99 crore for year under review as compared to Rs 23,509.08 crore for year ended March 31, 2023.

For the year ended March 31, 2024, on the consolidated basis, the bank has reported 26.70% rise in its net profit at Rs 2665.66 crore as compared to Rs 2103.99 crore for the previous year. Total income of the bank increased by 26.39% at Rs 29,730.97 crore for year under review as compared to Rs 23,523.42 crore for year ended March 31, 2023. 

VA Tech Wabag has secured a repeat order from Office National De L’assainissement (ONAS). The consortium order entails Design, Build, Operate (DBO), towards a 36 MLD Wastewater Treatment Plant (WTP) valued at 114.22 Million Tunisian Dinars (approx. Euro 34 Million), located at Sousse Hamdoun II, Tunisia. The scope of WABAG under this order will be Engineering & Procurement (‘EP') and Operation & Maintenance (O&M), which is worth about half of the consortium order value. This includes Design, Engineering, Supply, Installation and Commissioning of the plant followed by a One Year O&M phase.

Lupin has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Travoprost Ophthalmic Solution USP, 0.004% (Ionic Buffered Solution), to market a generic equivalent to the reference listed drug (RLD) Travatan Z Ophthalmic Solution, 0.004%, of Sandoz Inc. The product will be manufactured at Lupin’s Pithampur facility in India. Travoprost Ophthalmic Solution USP, 0.004%, is indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension. Travoprost Ophthalmic Solution USP, 0.004% (RLD Travatan Z), had estimated annual sales of $77 million in the U.S. (IQVIA MAT March 2024). 

Mastek has unveiled its iConniX portfolio to enable Gen AI-led innovation across industries. iConniX currently offers over 120 AI assets, 4 AI platforms, and solution blueprints tailored to meet industry specific business use cases. Building on top of personalized automation, intelligent decision-making, and tailored industry solutions, Mastek sets the stage for 'AI as an Experience', enabling businesses to leverage the full potential of Cloud, Data, Analytics, and Customer Experience (CX). It redefines the way companies engage with technology, ML and large language models making AI an integral part of their operations. iConniX will drive productivity, innovation, and long-term business outcomes for organizations.

Wipro has collaborated with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI): Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination. Harnessing the power of GenAI, the Wipro cognitive assistants will provide financial professionals with deep market intelligence and relevant and timely information on investment products and investor behavior. The solutions will also accelerate the investor onboarding and loan origination process by significantly reducing the time it takes to validate documents and providing meaningful and contextual responses to investor queries throughout the process.

Entero Healthcare Solutions’ board has approved inter-alia, to execute the definitive agreements to acquire 80% paidup equity share capital of Avenir Lifecare Pharma (ALPPL) at their meeting held on May 6, 2024. The business of ALPPL is in line of the business of the Company i.e. wholesale distribution of pharmaceutical and other allied products and the acquisition of ALPPL by the company shall enable the Company to expand its business in the State of Telangana and thereby enabling the company to generate additional business and revenue on consolidated basis.

Welspun Corp’s associate company -- East Pipes Integrated Company for Industry (EPIC) has inked contract with Maramer Contracting Company with value exceeding SAR 60 million (around Rs 133 crore) for manufacturing, coating and supply of steel pipes. The duration of the contract is six months. 

Indian Overseas Bank (IOB) has planned to sell 92 non-performing loans with an aggregate outstanding of Rs 13,471.68 crore through an e-auction on May 28. The public sector lender invited expressions of interest (EoI) from asset reconstruction Companies (ARCs) and other eligible transferees by May 13 to participate in the auction process.

Indian Overseas Bank (IOB) has planned to sell 92 non-performing loans with an aggregate outstanding of Rs 13,471.68 crore through an e-auction on May 28. The public sector lender invited expressions of interest (EoI) from asset reconstruction Companies (ARCs) and other eligible transferees by May 13 to participate in the auction process.

The first portfolio encompasses, 46 accounts financed under consortium arrangements, 3 accounts under Multiple Banking arrangements, with the remaining 2 accounts being sole banking ventures. Furthermore, 38 accounts within the portfolio are formally admitted under the purview of NCLT. The second portfolio consists of 41 sole banking accounts.

Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.