Bank Of Baroda Intraday Buy Call

Bank of BarodaStock market analysts have maintained 'buy' rating on Bank Of Baroda with an intraday target of Rs 520.

According to them, interested traders can purchase the stock above Rs 513 with a strict stop loss of Rs 506. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 525.

Shares of the bank, on Thursday (Oct 29), closed at Rs 512.55 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 548 and a low of Rs 180.50 on BSE. Current EPS & P/E ratio stood at 74.44 and 7.09 respectively.

Bank of Baroda (BOB) has declared a phenomenal growth in its standalone net profit for the three month period ended Sept 30, 2009.

During the period, the bank's profit increased 60.43% to Rs 6,341.80 million as against Rs 3,952.90 million in the same quarter of 2008.

Interest earned during the period surged 16.46% to Rs 41,354.20 million, whereas total income zoomed 17.48% to Rs 47,307.50 million.

The bank recorded earnings of Rs 17.41 per share during the quarter, recording 60.46% growth over prior year period.

The bank provides personal and business banking solutions comprising deposits, loans, credit cards, advances etc; business banking such as cash management and remittances, checks, merchant banking etc.; global business consists of import finance and international treasury.

On Oct 28, Baroda Legal & General Life Insurance, which is an insurance project promoted by BoB, stated that it is anticipating IRDA authorization by November-end.

The projected venture should underwrite its first plan before March next year.