Bank of India up by 19.98 percent: Traders Market Update | Espresso


Espresso shot of the day – Bank of India up by 19.98 percent

February 16, 2021
Espresso shot of the day – Bank of India up by 19.98 percent

BANK OF INDIA 70.55 (+19.98 %)  BSE – INE084A01016| 16th FEB 2021

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank of India was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. Beginning with one office in Mumbai, with a paid-up capital of Rs 50 lakhs and 50 employees, the Bank of India has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank of India occupies a premier position among the nationalised banks. The Bank of India has over 5000 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 55 Zonal Offices and 8 NBG Offices. There are 60 branches/ offices and 5 subsidiaries and 1 joint venture abroad. The Bank of India came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. While firmly adhering to a policy of prudence and caution, the Bank of India has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank of India has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank of India is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio. Presently Bank of India has overseas presence in 18 foreign countries spread over 5 continents – with 52 offices including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Paris and New York.

Recent Drivers

  • Bank of India reported a 412% jump in standalone profit after tax at Rs 541 crores in the third quarter ended December.
  • On a consolidated basis, Bank of India registered a net profit of Rs 610.37 crores as against Rs 138.20 crores in the year-ago period.
  • Bank of India among four banks shortlisted for potential privatisation.
  • On February 10, Fair trade regulator CCI approved Bank of India's acquisition of 49 % stake each in BOI AXA Investment Managers and BOI AXA Trustee Services.
  • On January 27, Bank of India said it has raised Rs 750 crores by issuing Basel III compliant additional tier 1 (AT-1) bonds on private placement basis.                                                                                  
 (Sources: The Economic Times, Livemint, Business Standard )

Technical Force*

  • S&P BSE ALL CAP month till date gain up by 11.81%
  • Traded on new 52- week high value 70.55
  • Touched upper circuit 70.55
  • Spurt in volume by more than 4.42 times compares to previous vol. 3 months avg qty - 1323044
  • Stock price has jumped more than 100% from one year low level – 30.04, 13th March 2020
  • Daily RSI (14) is in overbought territory today RSI central line crossed 12 periods ago
  • 52 -week high -70.55 | 52- week low- 30.45

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Some Key Ratios (Source: BSE)

Market Cap: 23118.69 crores

PE: -11.60

OPM%: -

ROE%: -3.68

Prev. Close: 58.80

*Chart And Technical Force data taken from the Binge desktop app.

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Chandresh Khona
by Chandresh Khona

Product Offerings Head

A teacher, writer, travel buff and now Espresso's Product Offerings Head. Ten years here has allowed me to lead the digital team at Sharekhan. My true passion lies in stock market charts.