Bank of Baroda rises; brokerages raise targets after Q2 results

Last Updated: Wed, Nov 15, 2017 12:30 hrs
Bank of baroda

Shares of state-run Bank of Baroda Ltd rise as much as 3.4 pct to 180.30 rupees, their highest since Oct. 30.

Bank posted a 36 pct fall in Sept-qtr net profit due to higher provisions for bad loans.

Gross NPA ratio declined to 11.16 pct in Sept-qtr from 11.40 pct previous qtr.

CIMB raises price target to 220 rupees from 190 rupees, retains "add" rating on the stock; says asset quality pressures are receding and growth outlook remains robust.

"Q2 trends reflects a steady improvement in core fundamentals and NPL recognition nearing completion, although we won't rule out a few lumpy slippages" - Jefferies.

Jefferies raises its target price to 180 rupees from 155 rupees, maintains "hold".

23 of 42 brokerages rate the stock "buy" or higher, 12 "hold" and 7 "sell" or lower; their median PT is 180 rupees - Thomson Reuters Eikon data.

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