Bank of India

Bank of India raises Rs 2,500 crore from bonds

bank-of-indiaNew Delhi: State-owned Bank of India (BoI) has raised Rs 2,500 crore from Tier I bonds to fund its business expansion plans.

Funds have been raised through Basel III compliant Tier-1 bonds by way of private placement of Rs 1,250 crore with a green shoe option of Rs 1,250 crore, BoI said in a statement on Monday.

These bonds will be listed on the wholesale debt market (WDM) segment of the NSE, it said. BoI reported a 16.39 per cent drop in its net profit to Rs 806 crore in the June quarter.

The bank had posted a net profit of Rs 964.18 crore during the corresponding quarter in the previous fiscal.

Bank of India launches Instant Money Transfer system

Bank of India launches Instant Money Transfer systemTaking a first-of-its-kind initiative, Bank of India (BOI) has launched Instant Money Transfer (IMT) system that enables card-less cash withdrawal at its IMT-enabled automated teller machines (ATMs).

Innovative money remittance facility IMT allows a customer to send money to a receiver just by using the recipient's mobile number through the bank's ATM or retail internet banking service.  The recipient can withdraw the money from a BOI ATM without using a card.

Five state-run banks report better-than-expected earnings

BanksFive government-run banks, viz. Bank of Baroda, Bank of India, Allahabad Bank, Syndicate Bank and Union Bank, have reported better-than-expected results for the three months ended September 30 this year.

Bank of India reported an increase of more than 105 per cent in net profit to Rs 622 crore for its July to September quarter, as compared with a net profit of Rs 302 crore in the corresponding quarter of last year. Profit after tax jumped mainly on account of combination of higher net interest income and other incomes. Net interest income jumped 15.07 per cent, from Rs 2,196 crore to Rs 2,527 crore.

Bank of India to form joint venture with AXA

Bank of India to form joint venture with AXAIndian lender, Bank of India is set to enter into a joint venture with AXA Investment Managers Asia Holdings Pvt. Ltd.

The two companies said in a joint statement that the new joint venture will manage the asset management business of Bharti AXA Investment Managers Pvt. Ltd. The Indian bank will hold a 51% stake in the venture and the remaining 49 per cent will be held by the AXA Group.

BoI Net Profit Declines By 28%

BoI Net Profit Declines By 28%For the first quarter, the State-owned Bank of India (BoI) announced that their net profit at Rs 517.5 core was turned down by 28%.

It also announced that in the Bombay Stock Exchange (BSE) folder, a net profit of Rs 725.1 core was recorded for the last matching financial quarter.

Though, as compared to the last year’s net profit, during the period, the whole profits of the bank at Rs 7,293.6 cores were increased by 34.8% and in the same quarter, the financial profits were raised up to of Rs 6,633.5 cores.

Buy Bank of India With Stop Loss Of Rs 410

Buy Bank of India With Stop Loss Of Rs 410Technical analyst Sudarshan Sukhani has maintained 'buy' rating on Bank of India Limited stock to attain a target of Rs 435.

According to analyst, the investors can buy the stock with a stop loss of Rs 410.

The stock of the bank, May 02, closed at Rs 421.65 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 45.54 and 9.09 respectively.

The share price has seen a 52-week high of Rs 588 and a low of Rs 316 on BSE.

BoI has declared the results for the fourth quarter ended March 2011

Hold Bank of India With Target Of Rs 535

Technical analyst Sanjeev Bhasin has maintained 'hold' rating on Bank of India Limited stock with a target of Rs 535.

Mr. Bhasin said that the said target can be attained in a period of three months.

The stock of the bank, on April 11, closed at Rs 476.55 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 588 and a low of Rs 316 on BSE.

Current EPS & P/E ratio stood at 46.14 and 10.44 respectively.

The bank has registered an increase of 61.08% in its net profit, which stood at Rs 6,531.60 million for the three month period ended December 31, 2010.

The bank's net profit for the corresponding period of 2009 stood at Rs 4,055 million.

Buy Bank of India with target of Rs 491

Bank-of-IndiaTechnical analyst K R Choksey has recommended that the stock of banking major Bank of India can test Rs 491.

Today, the stock of the bank opened at Rs 456.00 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 588.00 and a low of Rs 310.05 on BSE.

Current EPS & P/E ratio for the stock stands at Rs 46.14 and 9.68 respectively.

However, the Bank of India is the 3rd PSU bank by branch network as well as has great presence abroad, with around 29 branches at major banking regions.

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.

Buy Bank Of India With Short Term Target Of Rs 464

Buy Bank Of India With Short Term Target Of Rs 464Technical analyst Simi Bhaumik has maintained 'buy' rating on Bank of India stock with a short-term target of Rs 464.

The analyst said that the stock can be purchased with a stop loss of Rs 449.

The stock of the company, on December 21, closed at Rs 451.60 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 41.42 and 10.92 respectively.

Buy Bank of India With Stop Loss Of Rs 400

Buy Bank of India With Stop Loss Of Rs 400Stock market analyst Rahul Mohinder has maintained 'buy' rating on Bank of India stock to achieve a target of Rs 419.

According to analyst, the investors can buy the stock at Rs 403 with stop loss of Rs 400.

On July 21, the stock of the company closed at Rs 407.65 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 33.15 and 12.29 respectively.

The share price has seen a 52-week high of Rs 474.70 and a low of Rs 308.70 on BSE.

Bank of India’s fourth quarter net profit down by 47%

Bank-of-IndiaBank of India has declared its fourth quarter financial results for the financial year 2009-10.

As per the experts and the Bank officials the Bank has posted a decline net profit figure due to the high provisioning for the NPAs. The net profit of the Bank has declined by 47% and reported to be Rs 428 crore during the quarter that ended on 31st March, 2010. It has registered Rs 810 crore as net profit for the same quarter in the preceding year.

Bank of India Q4 Net Down 47.19%; Declares Dividend

Bank of India Q4 Net Down 47.19%; Declares Dividend State-run lender Bank of India has announced that its net profit for the fourth quarter ended March 2010 fell by 47.19% to Rs 427.91 crore as against Rs 810.37 crore during the corresponding period of 2009.

The bank recorded a fall of 0.57% in its total Income, which stood at 5,248.22 crore in Q4FY10 from 5,278.47 crore in Q4FY09.

For the fiscal ended March 31, 2010, BoI posted a fall of 42.10% in its net profit at Rs 1741.07 crore as compared to Rs 3007.35 crore for the year ended March 31, 2009.

Birla Sun Life to distribute MF through BoI

Birla-Sun-LifeBirla Sun Life and the Bank of India (BoI) have signed a Memorandum of Agreement, for distribution of MF schemes. As per the agreement, the public-sector bank would become the distribution partner for selling Birla's mutual fund.

After this deal, Birla will be using all the 3,100 branches of BoI for selling its products, said a press release by Birla Sun Life.

Bank of India inks MoU with TVS Motor

Bank of India has signed a memorandum of understanding (MoU) with TVS Motor company, the third largest two-wheeler manufacturer in India, to provide finance for customers intending to buy TVS Flame SR 125 motorcycle.

Under the offer, the customer can avail an attractive 8.5 per cent interest for the vehicle for tenure of up to 5 years with funding up to 90 per cent. The scheme will be valid till Oct 20, 2009.

In addition, the scheme also has lowest processing fee of Rs 500 for loan amounting below Rs 30,000 and Rs 700 for loans above Rs 30,000.

Market experts believe that this alliance would help both the partners to reach out to customers and make loans convenient and easy for prospective buyers.

Bank Of India Intraday Buy Call

Bank Of India Intraday Buy CallStock market analysts have maintained ‘buy’ rating on Bank Of India (BoI) with an intraday target of Rs 415.

According to them, interested traders can buy the stock around Rs 410-411 with a stop loss of Rs 404. If the stock market remains on positive track, the stock will hit Rs 421 in today’s session.

Shares of the bank, on Monday (Oct 12), closed at Rs 408.90 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 57.69 and 7.19 respectively. The share price has seen a 52-week high of Rs 414.35 and a low of Rs 179.60 on BSE.

BoI signs MoU with TVS Motor Company

Bank of IndiaBank of India (BoI) has informed that it has inked a memorandum of understanding (MoU) with TVS Motor Company.

The MoU has been signed in order to offer finance for customers who wants to purchase TVS Flame SR 125 motorcycle.

Under the terms of agreement, the bank will provide attractive loans to its customers.

Apart from the agreement, the bank has also rolled out special scheme that would coincide with the festival season.

Bank of India slashes deposit rates

Bank of India slashes deposit rates  State-owned Bank of India has decided to cut-down its deposit rates across certain maturities by up to 50 basis points.

The latest move has come a week after the Reserve Bank's quarterly review of the annual monetary policy, in which key policy rates were left unchanged.

Buy Bank of India For Long Term: Abhishek Jain, Stocksidea.com

Buy Bank of India For Long Term: Abhishek Jain, Stocksidea.comThe Bank of India (BOI) was incorporated in the year 1906. In the initial phase the operations of Bank of India were concentrated in western India. BOI, through branch expansion had acquired an all India profile by the mid-forties. It was one of the 14 banks that nationalized in the year 1969. Currently it is one of the largest public sector banks in terms of deposit base. BOI has more than 2640 branches well distributed across four regions of India with a nineteen overseas offices (second only to State Bank of India).

Sell Bank of India With Stoploss Of Rs 322: Ashwani Gujral

Sell Bank of India With Stoploss Of Rs 322: Hitendra VasudeoStock market analyst Ashwani Gujral has suggested investors to 'sell' Bank of India stock as there are full chances of a downward trend in this stock.

According to Mr. Gujral, investors can sell the stock with a stop loss of Rs 322 to achieve a target between Rs 280 - Rs 270.




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