
Bank of Baroda shares jump 5% on plans to sell stake in credit card arm
BoB, which currently holds 100% stake in BOB Financial Solutions, is looking to sell up to 49% stake in the subsidiary.
BoB, which currently holds 100% stake in BOB Financial Solutions, is looking to sell up to 49% stake in the subsidiary.
The market capitalisation of Bank of Baroda touched ₹100,400 crore after its stock price rose 3.6% to hit an intraday high of ₹194.85 on the BSE.
IndusInd Bank topped the losers' chart, followed by Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, Federal Bank, and Kotak Bank, among others.
Bank of Baroda recorded the highest-ever quarterly and annual profit of ₹4,775 cr for Jan-March 2023 quarter and ₹14,110 cr in FY23
The PSU lender’s total business crossed the ₹21 lakh crore milestones in FY23, aided by double-digit growth in advances and deposits in the March quarter of 2022.
The rally in PSU Bank index was led by index heavyweights such as Union Bank of India, State Bank of India, Bank of Baroda, Punjab National Bank, which rose up to 7%.
The upgrade reflects an improvement in India's macro profile to "Moderate+" from "Moderate", says Moody's.
Bank of Baroda, Bank of India, and Punjab & Sind Bank hit their respective 52-week highs after Morgan Stanley expressed optimism about public sector banks.
The funds are being raised to finance infrastructure projects and affordable housing.
Post RBI policy announcements, Bank of Baroda rose 2.85%, followed by SBI, IndusInd Bank, HDFC Bank, and Federal Bank, which gained up to 2%.