Hold Bank of India With Target Of Rs 535

Technical analyst Sanjeev Bhasin has maintained 'hold' rating on Bank of India Limited stock with a target of Rs 535.

Mr. Bhasin said that the said target can be attained in a period of three months.

The stock of the bank, on April 11, closed at Rs 476.55 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 588 and a low of Rs 316 on BSE.

Current EPS & P/E ratio stood at 46.14 and 10.44 respectively.

The bank has registered an increase of 61.08% in its net profit, which stood at Rs 6,531.60 million for the three month period ended December 31, 2010.

The bank's net profit for the corresponding period of 2009 stood at Rs 4,055 million.

For the quarter ended Dec 2009, the bank's total income grew by 20.92% to Rs 61,157.60 million.

In addition, BoI opened the biggest corporate division at Hyderabad to fulfill the requirements of big business clientele.

Bank of India National Banking Zonal Manager (Hyderabad zone) S S Banik said, "There will be a relationship manager who will handle 10 customers. The aim is to reduce time in processing and turnaround time to 4-6 weeks."

State-owned Bank of India (BoI), during February, announced that it has lifted up $750 million from abroad market via bonds.