Why Bank of Baroda shares surged over 4% intraday
Bank of Baroda shares rallied as much as 4.44 per cent during the day s trade to hit intraday high of 86.90 after the lender said it has successfully closed the QIP issue
BusinessToday.In | March 3, 2021 | Updated 14:45 IST
Bank of Baroda share price rises over 4% on Wednesday
Bank of Baroda share price gained over 4 per cent in intraday on Wednesday after the public sector lender said that it has successfully closed the qualified institutional placement (QIP) issue to raise up to Rs 4,500 crore. The Issue opened on February 25 and closed on March 02, 2021.
Bank of Baroda shares opened higher at Rs 84.65 against previous close price of Rs 83.20. The stock rallied as much as 4.44 per cent during the day s trade so far to hit intraday high of 86.90. The PSU bank shares hit its 52-week high of Rs 99.80 on February 19, 2021, while it touched 52-week low on May 20, 2020. The market cap of the bank rose to Rs 39,852.39 crore.
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.