Indian Overseas Bank increases Base Rate to 8.50%

Indian Overseas Bank has announced that the Board of Directors has, by circulation, approved the increase of the Base Rate of the Bank by 25 basis points from existing 8.25% p.a. to 8.50% p.a. (excluding housing Loans) with effect from October 1,2010.

The increase of the Benchmark Prime Lending Rate (BPLR) of the Bank by 25 basis points from existing 12.50% p.a. to 12.75% p.a. (excluding housing loans) with effect tram October 01, 2010.

The stock closed the day at Rs.136.70, up by Rs.4.60 or 3.48%. The stock hit an intraday high of Rs.138.15 and low of Rs.132.

The total traded quantity was 1.40 lakhs compared to 2 week average of 1.65 lakhs.

Source : Equity Bulls

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