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BUZZ-Indian Bank hits record high on strong results
November 6, 2017 / 9:47 AM / 17 days ago

BUZZ-Indian Bank hits record high on strong results

** Shares of Indian Bank surge as much as 10.8 pct to a record high of 384.80 rupees

** Stock posts its biggest intraday pct gain since Oct. 25

** Co reports a 11 pct rise in Sept-qtr profit

** “On the face of it, Indian Bank results are strong, gross NPA and even net NPA have come down significantly,” according to A K Prabhakar, Head of Research, IDBI Capital

** Expect positive movement in the stock in the days to come, Prabhakar adds

** Qtrly gross NPA fell to 6.67 pct from 7.21 pct in the previous quarter

** Up to Friday’s close, stock had risen 57.2 pct this year

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