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BoI shares jump 7.5% over Rs 7k cr recovery
Shares of Bank of India (BoI) jumped 7.5 per cent on Tuesday after the company recovered Rs 7,000 crore worth Standby Letters of Credit (SBLC) in the last two months and the balance of Rs 2,000 crore would be recovered in another two months.The stock soared 7.47 per cent to end at Rs 102.20 on BSE. Intra-day, it zoomed 14.98 per cent to Rs 109.35.
At NSE, shares of the company surged 7.41 per cent to close at Rs 102.15. The company's market valuation rose by Rs 841.06 crore to Rs 12,106.06 crore.
In terms of equity volume, 66.43 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day.
This recovery will substantially improve the bank's balance sheet, Bank of India Executive Director N Damodharan said on Monday in Coimbatore. The bank is aiming to bring down its net NPA ratio substantially, to below six per cent, he said.
Meanwhile, buying was also seen in other bank stocks, with Oriental Bank of Commerce surging 7.07 per cent, Bank of Baroda 6.92 per cent, Union Bank of India 6.85 per cent, Syndicate Bank 5.87 per cent, Allahabad Bank 5.86 per cent, Canara Bank 5.70 per cent, PNB 3.59 per cent and SBI 0.81 per cent on BSE.
Standby Letters of Credit is a document issued by a bank, which serves as a guarantee.
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Sunday EditionView All
18 Mar 2018 | PNS
AAI conducts international workshop for utilizing GAGAN In keeping with the Prime Minister’s objective of using technology as a means of development and co-operation, Airports Authority of India has now offered GPS-aided Geo Augmented Navigation (GAGAN) to SAARC and Southeast Asian countries in order to allow them to reap the significant benefits that accrue from such an advanced navigation system. AAI conducted a two-day workshop on March 15 and 16, 2018...
STATE EDITIONSView All
19 Mar 2018 | Staff Reporter | Bhopal
Leader of the Opposition in the state assembly Ajay Singh said that the claims of women well-wisher Chief Minister Shivraj Singh are deceiving as miscreants with minor offences are arrested with immediate effect, but in the matter related to a minister's son, Chouhan says enquiry would be conducted He further alleged that prime facie, minister's son was responsible for Preeti Raghuvanshi’s suicide. Chief Minister Shivraj Singh Chouhan today instructed police officials to...