Bank of India shines on plan to re-enter mutual fund business

Bank Of India | Bank - Public | BFSI | BSE: 532149 | NSE: BANKINDIA

22 Nov 2011 Evaluate

Bank of India is currently trading at Rs 327.00, up by 5.15 points or 1.60% from its previous closing of Rs 321.85 on the BSE.

The scrip opened at Rs 324.25 and has touched a high and low of Rs 329.05 and Rs 319.05 respectively. So far 22431 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 499.00 on 02-Dec-2010 and a 52 week low of Rs 290.25 on 26-Aug-2011.

Last one week high and low of the scrip stood at Rs 339.40 and Rs 317.50 respectively. The current market cap of the company is Rs 17588.47 crore.

The promoters holding in the company stood at 65.86% while Institutions and Non-Institutions held 27.23% and 6.91% respectively.

Bank of India plans to re-enter into the mutual fund business in few months. The bank is in discussion with Bharti Axa Investment Managers and Pramerica AMC which were planning to sell their stakes.

Earlier in 1990 bank had entered in the MF business. Of the six schemes launched by the fund, four had been redeemed and two schemes transferred to Tauras Mutual Fund after giving exit option to investors in 2004. The bank is entering the MF space as it can leverage on its branches for distribution, which in turn will help cut cost of delivery, thus improving business efficiency.

The bank’s net profit for the quarter has declined 20.38% at Rs 491.10 crore as compared to Rs 616.78 crore for the corresponding quarter of the previous year. The bank’s total income has increased by 34.63% at Rs 7728.16 crore for the second quarter of the current fiscal from Rs 5740.05 crore for the corresponding quarter of the previous year.

Bank Of India Share Price

139.75 -0.55 (-0.39%)

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Peers

Company Name	CMP
SBI	1019.55
PNB	107.20
Canara Bank	134.35
Bank Of Baroda	264.05
Union Bank Of India	166.15
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