The revised MCLR for IOB will be 8.65% for one year. For the overnight
tenor, the MCLR will be 8.45%. One-month tenor will be 8.50%, while
those for three and six months will be 8.55% and 8.60%, respectively.
The bank will impose 8.75% and 8.85% for two-year and three-year tenors,
respectively. The revised rates are effective from January 7.
On Thursday,
Chennai-headquartered Indian Bank (IB) also reduced its MCLR by 75 bps
to 8.60% for one year. This will also be effective from January 7.
Following in the footsteps of SBI, which reduced rates on Monday,
and also Indian Bank(IB) and Syndicate Bank slashing their rates on
Thursday, Indian Overseas Bank (IOB) has decided to slash its rates too.
Indian Overseas Bank (IOB) is a major public sector bank based in
Chennai (Madras), with about 3700 domestic branches, including 1150
branches in Tamil Nadu, 3 extension counters, and 8 branches and offices
overseas as of September 30, 2014.
Stock view:-
Indian Overseas Bank ended at Rs 24.55, down by Rs 0.1 or 0.41% from its previous closing of Rs 24.65 on the BSE.
The scrip opened at Rs 24.65 and touched a high and low of Rs 24.9 and
Rs 24.5 respectively. A total of 580039(NSE+BSE) shares were traded on
the counter. The current market cap of the company is Rs 6026.36 crore.
The BSE group 'A' stock of face value Rs 10 touched a 52 week high of
Rs 32.65 on 28-Apr-2016 and a 52 week low of Rs 21.1 on 09-Nov-2016.
Last one week high and low of the scrip stood at Rs 24.9 and Rs 24.05
respectively.
The promoters holding in the company stood at 79.56 % while
Institutions and Non-Institutions held 13.72 % and 6.72 % respectively.
The stock traded below its 200 DMA.
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