Buy Bank of Baroda With Stop Loss Of Rs 880

Buy Bank of Baroda With Stop Loss Of Rs 880Technical analyst Ashwani Prabhu of Prabhudas Lilladher has maintained 'buy' rating on Bank of Baroda stock to achieve a target of Rs 920.

According to analyst, the stock can be purchased with a stop loss of Rs 880.

The stock of the bank, on March 07, closed at Rs 894.45 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1050 and a low of Rs 602 on BSE.

Current EPS & P/E ratio stood at 103.55 and 8.79 respectively.

Bank of Baroda has decided to lift up around Rs 32.8 billion via a preferential allocation of shares to the administration at Rs 902.14 per share.

The declaration made by BoB disclosed that it will hold an EGM for stockowners nod on March 29, 2011.

Meanwhile, some more public banking institutions such as IOB, UCO Bank and UBI have also declared that they would preferentially allocate shares to the administration in return for capital infusion.

The third biggest public sector bank in India has registered an increase of 28.39% in its net profit during Oct-Dec quarter.

During the said period, BoB registered a net profit of Rs 10,688.80 million for the quarter ended Dec. 31, 2010.

In the meantime, total income of the bank surged 31.13% to Rs 63,423 million for the period under review.