ICICI Direct Assigns Buy Call To Multibagger PSU Bank Stock, Target Price Rs 238

Brokerage house ICICI Direct has recommended investors to buy public sector lender Bank of Baroda shares with target price of Rs 238 apiece. Current market price of Bank of Baroda share is Rs 213.55 per share with intraday fall of 1.70% on BSE today. If you buy Bank of Baroda shares at current market price of Rs 213.55, you can fetch likely return of 11.45%. The analyst has given a time period of 3 months when Bank of Baroda stock can reach the specified target price. Bank of Baroda shares rallied 172% in last 2-years and gained 374% in last 3-years. Check details below:

Bank of Baroda Stock Outlook & Return Over Years: Current market price of Bank of Baroda stock is Rs 213.55 apiece. Its 52-week high price is Rs 219.60 per share and 52-week low price is Rs 124.00 per share, respectively. The bank has a market capitalisation of Rs 1,10,434.44 crore. Bank of Baroda stock rallied 50% in last 1-year, gained 83% in last 5-years, and soared 94% in last 10-years.

Bank of Baroda Financials: The psu bank for the quarter ended June 30, 2023 announced a jump of 87.7% in its standalone net profit at Rs 4070 crore as against Rs 2168 crore declared in the corresponding period of last fiscal. Its net interest income (NII) soared 24% YoY to Rs 10,997 crore in Q1 of FY 2024 as the global net interest margin (NIM) for the quarter under consideration stood at 3.27%, up 25 bps YoY. Meanwhile, domestic NIM surged 34 bps to 3.41% in Q1.

Bank of Baroda About: Bank of Baroda (BOB) established on July 20, 1908 is an Indian state-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda), in Gujarat, India. Under the 'Alternative Mechanism' scheme, the Government announced the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda which came into effect on April 1, 2019. Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 9,449 branches, and 13,153 ATMs and Cash Recyclers supported by self-service channels as of Sep'19.

Disclaimer

The stock has been picked from the brokerage report of ICICI Direct. 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.