Short Term Buy Call For Indian Bank

Short Term Buy Call For Indian BankStock market analyst Anu Jain has maintained 'buy' rating on Indian Bank stock to achieve target of Rs 255 in 1-2 trading sessions.

According to analyst, the investors can buy the stock with stop loss of Rs 234.50.

Today, the stock of the bank opened at Rs 240 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 36.18 and 6.62 respectively.

The share price has seen a 52-week high of Rs 239.40 and a low of Rs 120.45 on BSE.

Indian Bank, on July 02, declared that it has lifted capital around Rs 5 billion by issuing 8.53% unsecured redeemable non-convertible subordinated lower tier II bonds in the nature of promissory notes(Series II), on private placement basis.

The issue opened and closed on June 28 and the allocation took place on the same day itself.

The bank's directors, on June 03, sanctioned lifting up tier II capital (upper / lower / mix) around Rs 10 billion in one or more portions in 2010.

Set up in the year 1907, Indian Bank is headquartered in Chennai (Madras). The bank has 22,000 employees, 1,657 divisions and is one of the biggest public sector banking institutions of the country.

It also has branches in Colombo, Sri Lanka, Singapore, and 229 correspondent banks in 69 countries.