News for Indian Overseas Bank (IOB.BO)

AIBOA demands halt to disinvestment, merger of Nainital Bank, adequate recruitment, and 5-day week in banking industry.

The two banks which recently added to the list are Tamilnad Mercantile Bank (included on March 5, 2025) and IDFC First Bank which got added on Nov 27, 2024. Another bank which added to the list is Dhanlaxmi Bank on June 26, 2024.

Nifty PSU Bank outperformed the Nifty 50 on Thursday, rising by 0.74% compared to the benchmark’s marginal gain of 0.13%. This rally in PSU Bank stocks followed the Reserve Bank of India’s announcement of enhanced liquidity measures.

Net NPAs increased to Rs 36,260 crore in the December quarter from Rs 34,843 crore in September and Rs 33,116 crore in December 2023, observes Tamal Bandyopadhyay.

IOB share price: In the past year, IOB's shares have fallen by 31.09%. Year-to-date (YTD), the stock has decreased by 16.12%, and over the last six months, it has dropped by 28.33%.

Stocks including Bajaj Auto, Tech Mahindra, Paytm, RailTel, Indian Overseas Bank, NCC, Voltas, Tata Communications and auto stocks will be in the spotlight on Monday, March 03.

IIFL Finance Ltd., Piramal Enterprises Ltd., Aditya Birla Real Estate Ltd. and Indian Overseas Bank and Dalmia Bharat Ltd. are some of the stocks that will be on the radar on Monday. RailTel, Ujjivan Small Finance Bank, MSTC, Vishnu Prakash R Punglia and Aurobindo Pharma will be some of the other stocks to watch before going into trade.

Mahindra & Mahindra is working to scale up some of its smaller businesses to match its portfolio of multiple large companies, the top executive at the tractor-to-technology group told ET.

Indian Overseas Bank has received a notice from the Chennai tax authority for goods and services tax liability of Rs 699.5 crore, including interest and penalty, according to an exchange filing on Friday. The demand came after certain discrepancies were noticed with regard to annual scrutiny for for assessment year 2020–21. The penalty amounts to Rs 35.3 crore, it said.

After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut.

State-run banks will present a strategic road map for capital-raising and expansion plans for FY 2025-26 to 2027-28 next month. The government plans to assess these projections to determine the timing and extent of its stake reductions in the banks, focusing on enhancing strategic capabilities like GenAI systems.

Investors eagerly eye public sector bank shares amidst government divestment plans and market volatility, anticipating strong growth potential.

Local merchant banks are likely to compete fiercely for arranging future government stake sales in public sector banks and listed financial institutions, despite low fees. This competition creates future opportunities. Foreign banks may also participate, though limited fees and stretched staff may deter them. Private and public sector banks, alongside brokerage-led institutions, are expected to pursue these mandates.

In February 2025, six banks adjusted senior citizen fixed deposit rates, offering up to 9.1% amid a 0.25% RBI repo rate cut. This move affects deposits under Rs 3 crore, impacting post-retirement finances.

The Nifty PSU Bank index, which consists of 12 state-owned bank stocks, dropped 1%, led by SBI, BoB, PNB, BoI, and Canara Bank.

India is seeking bids for merchant bankers and legal advisers to manage the sale of the government's minority shares in public sector banks such as Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank. This move aims to comply with market regulations requiring at least 25% public shareholding.

Analysts recommended to buy Berger Paints, Federal Bank Ltd., InterGlobe Aviation Ltd., Indian Overseas Bank, and 360 One Wam Ltd. The Street Founder Kunal Rambhia and Ajit Mishra, senior vice president, Research, Religare Broking, provided recommendations about the counters.

Moneyboxx Finance, which provides business loans to micro and small entrepreneurs, has reported a 56% increase in its assets under management to Rs 837 crore by the end of December 2024, driven by branch expansion and enhanced productivity. The company's AUM was Rs 536 crore in December 2023.

Govt seeks merchant bankers, legal firms to cut stake in public sector banks, financial institutions