Bank of Baroda stock hits record high ahead of meeting to consider fund-raising

Shares of Bank of Baroda hit their record high today after the lender said its board would on December 15 review a proposal to raise funds. Bank of Baroda stock gained 3.05% to a high of Rs 222.60 against the previous close of Rs 216 on BSE. Market cap of the bank rose to Rs 1.14 lakh crore on BSE. It opened higher at Rs 2178.45. Total 14.61 lakh shares of Bank of Baroda changed hands amounting to a turnover of Rs 31.95 crore on BSE.

The stock has gained 18.66% this year and risen 14.48% in the last one year. Bank of Baroda shares have a beta of 0.3, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Bank of Baroda stands at 71.8, signaling it's trading in the overbought territory. Bank of Baroda shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages. "Bank of Baroda's capital-raising committee is scheduled to meet on December 15 to discuss and finalise the quantum of the first tranche of Tier-2 or sub-debt instruments issue within the board-approved capital raising plan," the lender said in an exchange filing on December 12.

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Bank of Baroda reported a 28.4% rise in net profit to Rs 4,252.9 crore in the second quarter of fiscal year 2023-24 against Rs 3,313.4 crore in Q2 of the previous fiscal. The bank clocked a net profit of Rs 4,070.1 crore for the April to June 2023 quarter.

The bank's net interest income or NII — the difference between the revenue generated expenses occurred during the period — climbed 6.5% to Rs 10,831 crore against NII of Rs 10,174.5 crore in the July-September quarter last year.

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