3.08% Fall Today: Buy Multibagger PSU Bank Stock, TP Rs 240: Motilal Oswal

Leading brokerage firm Motilal Oswal has recommended investors to buy public sector undertaking, Bank of Baroda share with target price of Rs 240 per share. Current market price of Bank of Baroda share on BSE is Rs 207.60 after intraday fall of 3.08%. If you buy Bank of Baroda shares now at the current market price of Rs 207.60, you can fetch likely return of 15.61%. Bank of Baroda shares offered shareholders return of 21.6% in last 6-months, soared 60% in last 1-year, and rallied 136% in last 2-years. Check details below:

Bank of Baroda Stock Outlook & Return: Current market price of Bank of Baroda share is Rs 207.60 per share. Its 52-week high price is Rs 219.60 per share and 52-week low price is Rs 129.15 per share, respectively. The company has a market capitalisation of Rs 1,07,305.77 crore. Bank of Baroda shares gained 60% in last 1-year span, soared 368% in last 3-years, and offered a rally of 120% in last 5-years.

Fundraise: Today, board of directors of Bank of Baroda approved the proposal of raising Long Term Bonds for Financing of Infrastructure and Affordable Housing aggregating to a total size upto Rs. 10000 crores, in single or multiple tranches during FY2023-24 and beyond, if found expedient.

Bank of Baroda Financials: The bank for the June 2023 quarter declared a surge of 87.7% year-on-year (YoY) in its standalone net profit at Rs 4070 crore as compared to Rs 2168 crore in the corresponding period of last fiscal. Its net interest income (NII) rallied by 24% YoY to Rs 10,997 crore in Q1 FY24. Meanwhile, global net interest margin (NIM) for the quarter under review declared at 3.27%, up 25 bps YoY.

Meanwhile, for the consolidated entity, the net profit registered at Rs 4,452 crore in Q1FY24, up 129% as compared to Rs 1,944 crore in Q1FY23, as per the BSE filing.

About Bank of Baroda: It is India's leading public sector bank with a strong domestic presence supported by self- service channels. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. IndiaFirst Life Insurance Company Limited and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.