Shares of Indian Overseas Bank gained as much as 9.32 per cent on Tuesday after the board of the bank approved issuing equity shares to the government on a preferential basis for the capital infusion of Rs 4,100 crore received during the fiscal year 2020-21. The stock was trading at Rs 16.60 up 3.11 per cent from its previous close, while the benchmark index, Sensex gained 0.25 per cent to 48,003.88.
The bank in its extraordinary general meeting (EGM) of shareholders to be held on 12 May will take shareholders’ approval to issue 24.65 million equity shares at Rs 16.63 each to the Government of India on a preferential basis.
In September, as a part of the first batch of supplementary demand for grants for 2020-21, Parliament in the monsoon session gave approval for infusing Rs 20,000 crore in public sector banks (PSBs) in the current financial year to meet regulatory requirements. In 2019-20, the government made a capital infusion of Rs 70,000 crore into PSBs. Of this, IOB got Rs 4,360 crore. In November, Indian Overseas Bank (IOB) had sought a capital support of about Rs 1,000 crore from the government in order to create a buffer for any exigency.
The public sector bank posted a net profit of Rs 212.87 crore for the quarter ended 31 December 2020 against net loss of Rs 6,075.49 crore for the corresponding quarter last year. Total income jumped 11.3 per cent to Rs 5,786.54 crore in December 2020 quarter from Rs 5,197.94 crore in the same quarter last year.
According to the latest shareholding pattern, the Government of India held 95.84 per cent stake in the bank.

NIFTY PHARMA Outlook for the Week (June 03, 2024 – June 07, 2024)

Technically, NIFTY PHARMA share price will see immediate support at 18,547.43 and immediate resistance would be seen at 19,230.08.
If NIFTY PHARMA share price closes below immediate support of 18,547.43, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,298.57 for the week.
On the positive side, immediate resistance will be seen at 19,230.08. Closing above 19,230.08, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,663.87 for the week.
Trading range for NIFTY PHARMA share price for this week should be between 17,864.78 on down side and 19,912.73 on up side.
NIFTY PHARMA Previous Week High: 19415
NIFTY PHARMA Previous Week Low: 18732.35
NIFTY PHARMA Previous Week Range: 682.65 Points
NIFTY PHARMA share price support and resistance for the week (June 03, 2024 – June 07, 2024)
Level Type | Value |
---|---|
Resistance 3 | 19,912.73 |
Resistance 2 | 19,663.87 |
Resistance 1 | 19,230.08 |
Support 1 | 18,547.43 |
Support 2 | 18,298.57 |
Support 3 | 17,864.78 |
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NIFTY PHARMA Outlook for the Week (May 27, 2024 – May 31, 2024)

Technically, NIFTY PHARMA share price will see immediate support at 18,935.13 and immediate resistance would be seen at 19,363.03.
If NIFTY PHARMA share price closes below immediate support of 18,935.13, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,750.77 for the week.
On the positive side, immediate resistance will be seen at 19,363.03. Closing above 19,363.03, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,606.57 for the week.
Trading range for NIFTY PHARMA share price for this week should be between 18,507.23 on down side and 19,790.93 on up side.
NIFTY PHARMA Previous Week High: 19422.2
NIFTY PHARMA Previous Week Low: 18994.3
NIFTY PHARMA Previous Week Range: 427.9 Points
NIFTY PHARMA share price support and resistance for the week (May 27, 2024 – May 31, 2024)
Level Type | Value |
---|---|
Resistance 3 | 19,790.93 |
Resistance 2 | 19,606.57 |
Resistance 1 | 19,363.03 |
Support 1 | 18,935.13 |
Support 2 | 18,750.77 |
Support 3 | 18,507.23 |
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NIFTY PHARMA Outlook for the Week (May 20, 2024 – May 24, 2024)

Technically, NIFTY PHARMA share price will see immediate support at 18,733.58 and immediate resistance would be seen at 19,134.63.
If NIFTY PHARMA share price closes below immediate support of 18,733.58, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,485.57 for the week.
On the positive side, immediate resistance will be seen at 19,134.63. Closing above 19,134.63, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,287.67 for the week.
Trading range for NIFTY PHARMA share price for this week should be between 18,332.53 on down side and 19,535.68 on up side.
NIFTY PHARMA Previous Week High: 19039.65
NIFTY PHARMA Previous Week Low: 18638.6
NIFTY PHARMA Previous Week Range: 401.05 Points
NIFTY PHARMA share price support and resistance for the week (May 20, 2024 – May 24, 2024)
Level Type | Value |
---|---|
Resistance 3 | 19,535.68 |
Resistance 2 | 19,287.67 |
Resistance 1 | 19,134.63 |
Support 1 | 18,733.58 |
Support 2 | 18,485.57 |
Support 3 | 18,332.53 |
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NIFTY PHARMA Outlook for the Week (May 13, 2024 – May 17, 2024)

Technically, NIFTY PHARMA share price will see immediate support at 18,254.07 and immediate resistance would be seen at 19,117.42.
If NIFTY PHARMA share price closes below immediate support of 18,254.07, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 17,898.68 for the week.
On the positive side, immediate resistance will be seen at 19,117.42. Closing above 19,117.42, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,625.38 for the week.
Trading range for NIFTY PHARMA share price for this week should be between 17,390.72 on down side and 19,980.77 on up side.
NIFTY PHARMA Previous Week High: 19270
NIFTY PHARMA Previous Week Low: 18406.65
NIFTY PHARMA Previous Week Range: 863.35 Points
NIFTY PHARMA share price support and resistance for the week (May 13, 2024 – May 17, 2024)
Level Type | Value |
---|---|
Resistance 3 | 19,980.77 |
Resistance 2 | 19,625.38 |
Resistance 1 | 19,117.42 |
Support 1 | 18,254.07 |
Support 2 | 17,898.68 |
Support 3 | 17,390.72 |
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NIFTY PHARMA Outlook for the Week (May 06, 2024 – May 10, 2024)

Technically, NIFTY PHARMA share price will see immediate support at 18,959.12 and immediate resistance would be seen at 19,287.42.
If NIFTY PHARMA share price closes below immediate support of 18,959.12, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,784.83 for the week.
On the positive side, immediate resistance will be seen at 19,287.42. Closing above 19,287.42, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,441.43 for the week.
Trading range for NIFTY PHARMA share price for this week should be between 18,630.82 on down side and 19,615.72 on up side.
NIFTY PHARMA Previous Week High: 19267.15
NIFTY PHARMA Previous Week Low: 18938.85
NIFTY PHARMA Previous Week Range: 328.3 Points
NIFTY PHARMA share price support and resistance for the week (May 06, 2024 – May 10, 2024)
Level Type | Value |
---|---|
Resistance 3 | 19,615.72 |
Resistance 2 | 19,441.43 |
Resistance 1 | 19,287.42 |
Support 1 | 18,959.12 |
Support 2 | 18,784.83 |
Support 3 | 18,630.82 |
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