Bank of Baroda shares hit record high as market stages a stellar rally

Shares of Bank of Baroda hit a record high in the afternoon session today amid a late recovery in the stock market. Bank of Baroda shares rose 2.24% to Rs 284.25 on BSE. Market cap of the lender rose to Rs 1.46 lakh crore. Meanwhile, Sensex surged past the 74,000 mark for the first time and touched a record high of 74,151. Nifty too hit a record high of 22,490 in the fag end of trade today.

Earlier, the stock opened lower at Rs 277.35 on BSE. The stock has a beta of 0.8, indicating low volatility in a year. The banking stock has gained 63.56% in a year and risen 21.16% this year. Total 7.87 lakh shares of the bank changed hands amounting to a turnover of Rs 22.09 crore.

Axis Securities has assigned a target price of Rs 300 to the public sector lender.

Axis Securities said the banking stock currently trades at 1 time Sep25 adjusted book value (ABV), which is undervalued given the consistent growth and improving asset quality. It maintained its ‘BUY’ rating on the stock with a revised target price of Rs 300 per share based on 1.2 times Sep25E ABV and value of subsidiaries at Rs 12 per share).

Brokerage firm CITI has assigned a 'buy' rating to Bank of Baroda (BoB) with a target price of Rs 290.

Net profit climbed 19% to Rs 4,579.33 crore in the December 2023 quarter against Rs 3,852.74 crore in the December 2022 quarter.

Net interest income, or the difference between interest earned and interest paid, rose to Rs 11,101.3 crore in Q3 against Rs 10,818.3 crore for the year-ago period.

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