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Indian Overseas Bank (IOB) has increased the interest rates on rupees retail term deposits up to 80 bps effective from January 15, 2024.
Now, among all public sector banks, IOB is offering the highest interest rates on rupee retail term deposit for 1 year to less than two years’ period, said a statement.
Depositors will get an interest rate of up to 7.65 per cent for the fresh term deposit opened for 1 year to less than 2 years’ period with IOB.
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State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during Q1 FY24.
The deposit and advances of the Pune-based lender recorded almost 25 per cent rise, the highest by any public sector bank during the April-June quarter.
With a growth rate of 24.98 per cent, the gross domestic advances of the bank rose to ₹1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).
Also read: Bank of Maharashtra cuts home and car loan interest rates
It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot, respectively.
Country’s largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth.
However, SBI’s total loans were about 16 times higher at ₹28,20,433 crore, as compared to ₹1,75,676 crore of BoM in absolute terms.
In terms of Retail-Agriculture-MSME (RAM) loans, BoM has the highest growth of 25.44 per cent followed by Punjab & Sind Bank with 19.64 per cent and Punjab National Bank at 19.41 per cent on Y-o-Y basis.
Also read: Bank of Maharashtra’s advances to grow 1.5 times the banking industry average in FY24: Chief Rajeev
With regard to deposit growth, BoM witnessed a 24.73 per cent growth and mobilised ₹2,44,365 crore at the end of June 2023.
Bank of Baroda was in the second place with a 15.50 per cent growth in deposits (₹10,50,306 crore), while Punjab National Bank recorded a 13.66 per cent increase at ₹12,67,002 crore, according to published data.
BoM retained top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits with 50.97 per cent followed by Central Bank of India at 49.56 per cent.
Helped by high growth in loan and deposits, the bank’s total business also recorded the highest growth of 24.84 per cent at ₹420,041 crore, followed by Bank of Baroda at 16.10 per cent at ₹18,62,932 crore at the end of June 2023.
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PSU lender Indian Overseas Bank has mobilised ₹1,000 crore through Tier II bonds.
The Chennai-headquartered bank came up with Basel III compliant Tier II Series V Bonds issue with a base size of ₹200 crore and a green shoe option of ₹800 crore. The bidding was held on March 23 on the BSE Electronic Bidding Platform, according to a statement.
Data from EPFO and NREGA suggest that the rural economy is not particularly hurting, says Anantha Nageswaran
The issue was oversubscribed by five times of base issue size.
The bank received various bids up to ₹1,025 crore against a base issue size of ₹200 crore. The bank accepted bids of the amount up to ₹1,000 crore at 9 per cent against bid received of ₹1,025 crore.
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The Indian market ended in the green for the week buoyed by positive global cues. While Sensex gained 990.30 points or 1.65 per cent to 60,950, Nifty climbed 1.86 per cent or 330 points to 18,117.
At least 30 stocks rose between 10 per cent to 22 per cent on the BSE 500 index in the last five trading sessions.
Top gainer was Mazagon Dock Shipbuilders rising 21.93 per cent during the week to close at Rs 781.20. The stock also hit its 52-week high of Rs 798.50 on November 3 (Thursday).
On a daily basis, the stock ended 3.63 per cent or Rs 27.40 higher on Friday. It also touched an intraday high of Rs 792.50. Market cap of the firm rose to Rs 15,756 crore. The stock gained 22.74 per cent in the last four trading sessions. The company will announce its September quarter earnings on November 10, 2022.
Shares of Alembic Pharmaceuticals were the second largest gainers on BSE 500 rising 19.37 per cent during the week. On a daily basis, the stock ended 0.36 per cent or Rs 2.40 lower on Friday. It also touched an intraday low of Rs 642.45 falling 2.49 percent in the last trading session. Market cap of the firm fell to Rs 12,903 crore. The stock fell on Friday after six sessions of gains. The company will announce its September quarter earnings on November 11, 2022
Redington stock also gained 16.53 per cent during the week to close at Rs 158.20. On a daily basis, the stock ended 0.73 per cent or Rs 1.15 higher on Friday. It also touched an intraday high of Rs 164.45 rising 4.71 percent in the last trading session. Market cap of the firm rose to Rs 12,362 crore. The stock has risen consecutively for the last five sessions. The company reported a 26% rise in consolidated net profit to Rs 387 crore on a 25% increase in revenue to Rs 19,080.8 crore in Q2 FY23 on a year-on-year basis.
Shares of Indian Overseas Bank climbed 16.08 per cent during the week to close at Rs 21.65. The banking stock touched an intraday high of Rs 21.9, rising 13.18% on BSE. Later, it closed 11.89 per cent higher on Friday. Market cap of the bank rose to Rs 38,750 crore. The stock has risen 15.78 per cent in the last two sessions. The lender will announce its September quarter earnings on November 5 (today).
Shares of Adani Enterprises climbed 15.24 per cent during the week to close at Rs 3,832.5. The large cap stock touched an intraday high of Rs 3,850, rising 7.21% on BSE. Later, it closed 6.72 per cent higher on Friday. Market cap of the Adani Group firm rose to Rs 38,750 crore. The stock has risen 16.13 per cent in the last seven sessions. The company announced its September quarter earnings on November 3. Consolidated profit in Q2 jumped 117 per cent year-on-year (YoY) to Rs 461 crore from Rs 202 crore in the corresponding quarter last year. Consolidated total income for the quarter surged 183 per cent YoY to Rs 38,441 crore compared with Rs 13,597 crore in the same quarter last year. The top line growth was led by a strong show at IRM and Airport business.
Other stocks which rose between 10% to 15% during the week were UCO Bank, Bank Of India, JK Lakshmi Cement, Dalmia Bharat Ltd., Punjab & Sind Bank, Rajesh Exports Ltd, Rail Vikas Nigam Ltd, Amara Raja Batteries, Vedanta Ltd, FSN E-Commerce Ventures Ltd., Lemon Tree Hotels Ltd, MAS Financial Services, Delhivery, Jindal Stainless, Thermax, Ircon International, Cochin Shipyard, Godfrey Phillips India, Bank Of Maharashtra, Heidelberg Cement India and Aster DM Healthcare.
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