Buy Bank of India With Stop Loss Of Rs 452

Buy Bank of India With Stop Loss Of Rs 452Technical analyst Ashish Chaturmotha of IIFL Wealth has maintained 'buy' rating on Bank of India stock to achieve a target of Rs 480.

According to analyst, the investors can buy the stock with a stop loss of Rs 452.

The stock of the company, on March 03, closed at Rs 458.10 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 588 and a low of Rs 310.05 on BSE.

Current EPS & P/E ratio stood at 46.14 and 10 respectively.

The Bank of India has launched opened the Hyderabad's biggest corporate division to fulfill the requirements of large business customers holding projects with minimum Rs 500 million and above cost and project revenue of Rs
5 billion.

Bank of India National Banking Zonal Manager (Hyderabad zone) S S Banik stated, "There will be a relationship manager who will handle 10 customers. The aim is to reduce time in processing and turnaround time to 4-6 weeks."

Mr. Banik further stated that the banking institution was also eyeing to open up SME and midcap business arms in the coming time and added that the SME division would be launched before March 15.

Bank of India has recorded an increase of 61.08% in its net profit, which stood at Rs 6,531.60 million for the three month period ended Dec 2010 as against Rs 4,055 million for the same period of 2009.

The bank's total income surged 20.92% to Rs 61,157.60 million for the three month period ended December 2010 as compared to Rs 50,578.30 million for the same period of last year.