ICICI Securities Picks Multibagger PSU Bank Stock To Buy, Target Price Rs 216

ICICI Securities has assigned buy call to public sector bank, Bank of Baroda with target price of Rs 216 per share. Current market price of Bank of Baroda share is Rs 199.70 per share. If you buy Bank of Baroda stock at current market price, you can fetch likely return of 9%. Bank of Baroda shares offered 152% return in last 2-years and soared 334% in last 3-years. ICICI Securities has recommended investors to keep the stop loss at Rs 196 apiece.

Bank of Baroda Stock Outlook & Return: Current market price of Bank of Baroda share on BSE is Rs 199.70 apiece. Its 52-week high price is Rs 210.80 per share and 52-week low price is Rs 124.00 per share, respectively. Its market capitalisation is Rs 1,03,789.24 crore. Bank of Baroda stock witnessed a rally of 43% in last 1-year, gained 19% in last 6-months, and surged 7% in last 3-months. Bank of Baroda shares soared 49% in last 5-years, and gained 91% in last 10-years.

Bank of Baroda Financials: The bank for the June 2023 quarter announced a surge of 87.7% year-on-year (YoY) in its standalone net profit at Rs 4070 crore as against Rs 2168 crore announced in the corresponding period of last fiscal. Its net interest income (NII) surged by 24% YoY to Rs 10,997 crore in Q1 FY24. The global net interest margin (NIM) for the quarter under consideration registered 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 ICICI Securities. 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.