Bank of Baroda rose 3.71% to Rs 862.75 at 9:39 IST on BSE after the central bank lifted curb on foreign portfolio investors to buy shares in the bank as foreign shareholding is under prescribed limit.
Meanwhile, the BSE Sensex was up 138.90 points, or 0.53%, to 26,164.70.
On BSE, so far 73,000 shares were traded in the counter, compared with an average volume of 2.37 lakh shares in the past one quarter.
The stock hit a high of Rs 863.50 and a low of Rs 839.40 so far during the day. The stock hit a 52-week high of Rs 1,009 on 16 May 2014. The stock hit a 52-week low of Rs 429.25 on 20 August 2013.
The stock had underperformed the market over the past one month till 22 July 2014, rising 0.01% compared with 3.67% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.57% as against Sensex's 14.36% rise.
The large-cap state-run bank has an equity capital of Rs 432.15 crore. Face value per share is Rs 10.
The Reserve Bank of India (RBI) on Tuesday, 22 July 2014, notified that the aggregate share holdings by foreign institutional investors (FIIs)/ registered foreign portfolio investors (FPIs)/ non resident indian (NRI)/ persons of Indian origin (PIO) under portfolio investment scheme in Bank of Baroda have gone below the prescribed threshold caution limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect. Equity shares of Bank of Baroda can now be purchased through primary market and stock exchanges, RBI said in a statement.
As on 30 June 2014, FIIs held 16.95% stake in Bank of Baroda.
Bank of Baroda's net profit rose 12.48% to Rs 1157.27 crore on 13.18% increase in total income to Rs 11614.85 crore in Q4 March 2014 over Q4 March 2013. The bank will announced Q1 results on 28 July 2014.
Government of India holds 56.26% stake in BoB (as on 30 June 2014).
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