Stock To Buy: Motilal Oswal Bets On Multibagger PSU Bank, Target Price Rs 350

Motilal Oswal has recommended investors to buy public sector lender Bank of Baroda shares with target price of 350 apiece. Current market price of Bank of Baroda stock on BSE is Rs 281.60 apiece. If you buy Bank of Baroda shares at current market price of Rs 281.60 apiece, you can fetch potential gain of 24.29%. Bank of Baroda shares offered eye-catching returns of 204% in last 2-years.

Recent Credit Rating: The PSB recently issued a BSE filing on March 1, 2024 stating, "We advise that India Ratings & Research has released its rating rationale on Bank of Baroda where in India Ratings Assigns Bank of Baroda's Additional CDs 'IND A1+ and Affirms Existing Ratings."

Bank of Baroda Shares Performance & Return: The 52-week high price of Bank of Baroda stock on BSE is Rs 284.50 apiece and 52-week low price is Rs 155.65 apiece, respectively. The bank has a market capitalisation of Rs 1,45,496.27 crore. Bank of Baroda shares gave return of 20% in last 1-months, soared 44% in last 6-months, surged 63% in last 1-year, and gave return of 248% in last 3-years.

Bank of Baroda Financials: The state-run bank on January 31, 2024 declared a surge of 18.8% in its net profit for the quarter ended December 31, 2023 to Rs 4579 crore as against Rs 3852.7 crore in the corresponding quarter of last year. The PSB's net interest income or NII declared at Rs 11,101 crore, up 2.6% YoY as against Rs 10,818.3 crore in the similar quarter of last year. Bank of Baroda's achieved improvement in asset quality as Gross NPA arrived at 3.08% during the quarter under review as against 3.32% in the last quarter.

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.

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 consult with certified experts before making any investment decision.