PSU Bank's stocks slip; Bank of India lose over 4%

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PSU Bank's stocks have been losing steam in trade for the second consecutive day. The Bank of India is the top loser in the Nifty PSU Bank index trading lower by close to 4% at Rs 151.9 per share as of 0934 hours on NSE.

As per the market experts, the asset quality improvement is expected at slower and steady rate. The Bank of India’s net interest income (NII) for the quarter grew 8.8% YoY to Rs.3467 crore in Q4FY17. This was primarily due to decline in interest expended by 2.7% YoY.

In terms of asset quality, GNPA’s for the quarter increased by 4.3% YoY to Rs.52044 crore in Q4FY17. In percentage to total advances, GNPAs for the quarter edged up by mere 15bps to 13.22% in Q4FY17 vs 13.07% in Q4FY16.

Stock View :-

Bank of India is currently trading at Rs 148.85, down by Rs 9.6 or 6.06% from its previous closing of Rs 158.45 on the BSE.

The scrip opened at Rs 155 and has touched a high and low of Rs 156.25 and Rs 148.55 respectively. So far 6401848(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 16711.64 crore.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 197.25 on 05-May-2017 and a 52 week low of Rs 78.6 on 25-May-2016. Last one week high and low of the scrip stood at Rs 188.75 and Rs 155.95 respectively.

The promoters holding in the company stood at 73.72 % while Institutions and Non-Institutions held 18.88 % and 7.4 % respectively.

The stock is currently trading below its 50 DMA.

Bank Of India :-
BSE 150.40 [8.05] ([5.08]%)
NSE 150.30 [8.20] ([5.17]%)


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