Stocks

Bank of Baroda hits 17-week high

BL Internet Desk July 30 | Updated on July 30, 2018 Published on July 30, 2018

Shares of Bank of Baroda today hit a 17-week high on strong Q1 results. The stock jumped 9.1 per cent to Rs 150.45, its biggest percentage gain since February 12 and highest since April 17.

After posting a huge loss of Rs 3,102 crore in the preceding quarter, Bank of Baroda reported a turnaround performance, recording a standalone net profit of Rs 528 crore in the first quarter of FY2019 on the back of robust growth in retail and corporate advances.

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Jefferies says: “We upgrade the stock to “buy” as we derive greater comfort on its asset quality as well as earnings capacity.’’

Ambi Capital says: “There appears to be some tangible progress on efforts to overhaul business processes and move towards better risk-adjusted profitability with improving loan growth.’’

Of 41 brokerages covering the stock, 33 rate it at “buy” or higher, 6 “hold” and two at “sell”; their median price target is Rs 180, according to Thomson Reuters data.

The stock had fallen 14.35 per cent this year as of last close.

(With inputs from Reuters)

Published on July 30, 2018
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