Avoid Indian Overseas Bank, says Baliga

Ambareesh Baliga, Managing Partner- Global Wealth Management at Edelweiss Financial Services advises to avoid Indian Overseas Bank (IOB) at current levels.

Baliga told CNBC-TV18, “The numbers of Bank of Maharashtra are quite good and especially with the asset quality improving there could be some interest from investors in this stock. But IOB even if one sees the last couple of quarter’s assets has been an issue and it has really shown up this time. This is a clear avoid.”

IOB touched its 52-week high Rs 94.85 and 52-week low Rs 62.20 on 07 January, 2013 and 29 April, 2013, respectively. Currently, it is trading 32.84 percent below its 52-week high and 2.41 percent above its 52-week low. Market capitalisation stands at Rs 5,886.49 crore.

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Monday, April 29th, 2013 EN

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