Buy Bank of Baroda, target price Rs 115: ICICI Direct

ICICI Direct has buy call on Bank of Baroda with a target price of Rs 115. The current market price of Bank of Baroda is Rs 103.35. Time period given by analyst is 30 days when Bank of Baroda price can reach defined target.

Bank of Baroda, incorporated in the year 1911, is a banking company (having a market cap of Rs 53420.17 Crore).

Bank of Baroda key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 22470.46 Crore, up 1.80 % from last quarter Total Income of Rs 22072.99 Crore and down -5.44 % from last year same quarter Total Income of Rs 23762.09 Crore. The bank reported net profit after tax of Rs 2073.63 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to continue with its up move and head towards Rs 115 levels in the coming weeks as it is the 80% retracement of the decline of last two months (Rs 122-92) coinciding with May 2022 highs

Promoter/FII Holdings
Promoters held 63.97 per cent stake in the company as of 31-Mar-2022, while FIIs owned 9.14 per cent, DIIs 15.07 per cent.