Even as economic activity began to look up in the December quarter, Bank of Baroda (BoB) may not have been able to leverage on it, fear analysts. The lender, which is scheduled to report its December quarter results (Q3FY21) on January 27, may report muted earnings on the back of moderate treasury gains, higher operating expenses, and elevated provisions. Picture at the bourses, however, is different. The stock price of the lender outran the benchmark Nifty50 and sectoral Nifty PSU Bank index, during the quarter under review, by surging 50 per cent on the NSE. In comparison, the Nifty and the PSU Bank index are up 24 per cent and 37 per cent, respectively, ACE Equity data show.