Mumbai: Shares of Indian Overseas Bank (IOB) on Monday surged by as much as 7.57 per cent on bourses thanks to the strong earnings in March quarter.

The scrip settled at Rs 164.20 on the Bombay Stock Exchange, up 7.57 per cent from its previous close. Similarly on the National Stock Exchange, it climbed 7.51 per cent to Rs 164 a piece. In terms of volume, over 52 lakh shares of the company were traded in both the bourses.

According to market experts, the counter was lifted by strong financial results posted by the company. It reported over three-fold jump in net profit at Rs 434.29 crore in the fourth quarter of FY’11, compared to Rs 127.44 crore in the year-ago period.

The bank’s total income increased to Rs 3,916.58 crore in the quarter under review from Rs 2829.8 crore in the year-ago period.

During the financial year 2010-11, the banking entity has posted a 51.63 per cent rise in net profit at Rs 1,072.54 crore.

Meanwhile, the 30-share Sensex finished the trade at 18,998.02, down 137.94 points or 0.72 per cent from the previous close.