Shares of Bank of India Ltd extended their fall for the fourth consecutive session in Tuesday's trade. The stock fell 1.93 per cent to hit a day low of Rs 122.10. At this price, it has tanked 14.56 per cent in four trading sessions.
The PSU lender reported a 7 per cent rise in its net profit, at Rs 1,439 crore, during the fourth quarter of the financial year 2023-24 (Q4 FY24). In the reporting quarter, gross non-performing asset (NPA) ratio stood at 4.98 per cent as against 5.35 per cent in a quarter ago period and 7.31 per cent in a year-ago period.
Net NPA ratio of the bank stood at 1.22 per cent as on March 31, 2024, as against 1.41 per cent as on December 31, 2023, and 1.66 per cent as on March 31, 2023.
Net Interest Income (NII) increased by 7 per cent year-on-year (YoY) and came at Rs 5,937 crore for Q4 FY24 against Rs 5,523 crore in Q4 FY23.
Analysts largely remained 'mixed' on the counter. Support could be seen at the Rs 116-115 zone. On the higher end, a daily close above Rs 131 is required for further upside. That said, a couple of analysts suggested buying it at current levels.
"The stock at current levels would be an excellent buy," Gaurav Dua, SVP, Head of Capital Market Strategy at Sharekhan by BNP Paribas, told Business Today TV.
"Bank of India has seen an intense bout of profit booking in the current month. The Rs 116-115 zone may act as the pitstop for bears in the short term. On the flip side, the bearish gap of Rs 131-136 is likely to act as strong hurdle and a decisive breach could only bring back some mojo in the counter," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"One can consider buying the stock around Rs 120 level. Keep stop loss placed at Rs 112," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Next support on the counter will be at Rs 116. Investors should buy only if a daily close is above the resistance zone of Rs 131, which could lead it to a upside target of Rs 151 in the near term," said AR Ramachandran from Tips2trades.
"The expected trading range will be between Rs 115 and Rs 138 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.