Indian Bank surges on inking pact with Tata Power Solar Systems
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Indian Bank is currently trading at Rs. 518.35, up by 8.40 points or 1.65% from its previous closing of Rs. 509.95 on the BSE.
The scrip opened at Rs. 513.00 and has touched a high and low of Rs. 524.40 and Rs. 512.00 respectively. So far 36852 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 573.45 on 08-Feb-2024 and a 52 week low of Rs. 267.25 on 01-Jun-2023.
Last one week high and low of the scrip stood at Rs. 531.05 and Rs. 501.00 respectively. The current market cap of the company is Rs. 69321.50 crore.
The promoters holding in the company stood at 73.84%, while Institutions and Non-Institutions held 22.24% and 3.92% respectively.
Indian Bank has entered into partnership with Tata Power Solar Systems (TPSSL) to promote the adoption of solar rooftop among residential consumers. The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme.
Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to Rs 2 lakh at an annual interest rate of 7 per cent, in compliance with government regulations. Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience. For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.
