Indian Bank soars 1.39%, rises for third straight session

Indian Bank rose for a third straight session today. The stock is quoting at Rs 824.3, up 1.39% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.53% on the day, quoting at 22655.35. The Sensex is at 72805.99, down 0.36%. Indian Bank has dropped around 4.14% in last one month.

Meanwhile, Nifty PSU Bank index of which Indian Bank is a constituent, has dropped around 4.1% in last one month and is currently quoting at 8008.4, up 0.74% on the day. The volume in the stock stood at 6.29 lakh shares today, compared to the daily average of 9.55 lakh shares in last one month.

The benchmark October futures contract for the stock is quoting at Rs 829.45, up 1.8% on the day. Indian Bank is up 8.37% in last one year as compared to a 9.55% fall in NIFTY and a 7.23% fall in the Nifty PSU Bank index.

The PE of the stock is 8.75 based on TTM earnings ending June 26.

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