Indbank Merchant Banking Services Ltd Quarterly Profits up 1545% to Rs.16.86 Crores

Indbank Merchant Banking Services Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.168.61 million for the quarter ended June 30, 2007 where as the same was at Rs.10.25 million for the quarter ended June 30, 2006. Total Income is Rs.243.48 million for the quarter ended June 30, 2007 where as the same was at Rs.17.76 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.3.8 for Quarter ended June 30, 2007 compared to Rs.0.23 reported during Q1 2006-2007.

Indian Bank has waived interest on borrowings from the year 2002-03 onwards. Consequent to the complete repayment of borrowings during the quarter an amount of Rs 50.60 million has been paid up to Indian Bank towards interest on borrowings upon their demand under the right of recompense.

The Market value of quoted investments (Cost-Rs 41.10 million) of the Company as on June 30, 2007 was Rs 356.10 million.

The stock was trading at Rs.22.05, up by Rs.1.05 or 5%. The stock hit an intraday high of Rs.22.05 and low of Rs.21.20. The total traded quantity was 150027 compared to 2 week average of 66595.

Source : Equity Bulls

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