Bank of Baroda rose 14.80% to Rs 211.75 at 15:30 IST on BSE after a foreign brokerage reportedly upgraded its ratings on the stock to overweight from underweight.
Meanwhile, the BSE Sensex was down 208.33 points, or 0.74%, to 27,858.98.
On BSE, so far 44.19 lakh shares were traded in the counter, compared with an average volume of 6.33 lakh shares in the past one quarter.
The stock hit a high of Rs 213.95 and a low of Rs 195.70 so far during the day. The stock hit a record high of Rs 228.90 on 23 January 2015. The stock hit a 52-week low of Rs 137.50 on 29 June 2015.
The stock had outperformed the market over the past one month till 14 August 2015, rising 18.54% compared with 0.48% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.13% as against Sensex's 3.17% rise.
The large-cap company has an equity capital of Rs 442.30 crore. Face value per share is Rs 2.
According to the foreign brokerage, newly appointed MD & CEO P S Jayakumar and non-executive Chairman Ravi Venkatesan may help Bank of Baroda clean the balance sheet aggressively, raise capital and position the bank for growth. Jayakumar is currently the MD & CEO of VBHC Value Homes Pvt Ltd.
The government after market hours on Friday, 14 August 2015, announced a revamp plan for PSU banks. The finance ministry announced the appointment of MD and CEOs of five public sector banks (PSU banks) and non-executive Chairman of five PSU banks. The government also announced capital allocation of Rs 20088 crore to a total of 13 PSU banks as part of Tranche 1 and Tranche 2 of recapitalization of PSU banks for the current financial year. Further, the government also announced the structure of Bank Board Bureau (BBB) which will replace the Appointments Board for appointment of Whole-Time Directors and Non-Executive Chairman of PSU banks. The government also announced a new framework of Key Performance Indicators (Kpis) to be measured for evaluating the performance of PSU banks. The government further said that it is considering offering ESOPs for top management of PSU banks.
Bank of Baroda will get a sum of Rs 1786 crore as capital infusion from the government as part of Tranche 1 and Tranche 2 of recapitalization of PSU banks for the current financial year.
Bank of Baroda's net profit fell 22.74% to Rs 1052.15 crore on 4.8% increase in total income to Rs 12243.72 crore in Q1 June 2015 over Q1 June 2014.
The Government of India holds 57.53% stake in Bank of Baroda (as per the shareholding pattern as on 30 June 2015).
Powered by Capital Market - Live News
