Buy Bank of India, target price Rs 125: Axis Securities

Axis Securities has buy call on Bank of India with a target price of Rs 125. The current market price of Bank of India is Rs 107.3. Axis Securities recommended to keep stop loss at Rs 97.

Bank of India, incorporated in the year 1906, is a banking company (having a market cap of Rs 43272.10 Crore).

Bank of India key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2023.

Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 15926.04 Crore, down -4.73 % from last quarter Total Income of Rs 16715.95 Crore and up 42.10 % from last year same quarter Total Income of Rs 11207.57 Crore. The bank has reported net profit after tax of Rs 1561.55 Crore in latest quarter.

Investment Rationale
“Multiple resistance” breakout at 97 with huge volumes, Daily and weekly RSI are in positive terrain.

Promoter/FII Holdings
Promoters held 81.41 per cent stake in the company as of 30-Jun-2023, while FIIs owned 2.25 per cent, DIIs 9.88 per cent.