According to an update released on July 27, the brokerage said: "Bank of India is well-established overseas with the number of overseas offices going up to 24. It is deploying technology aggressively: the number of CBS branches has gone up to 810, with Internet banking available in all CBS branches. The stock trades at 0.9x FY08 ABV. On account of improved margins and the lowest interest rate risk of the bank, we reiterate our OUTPERFORMER rating on the stock."
