Bank Of Baroda Related news
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Shares of rate sensitive sectors such as real estate, capital goods , auto and banking which were trading in the negative territory in the early deals have remained almost unchnaged barring select banking and auto shares post the announcement of RBI monetary policy.
The Reserve Bank of India (RBI) kept the key rates unchanged. The repo rate was unchanged at 7.75% and the reverse repo rate at 6.75%. However, RBI has cut SLR by 50 basis points to 21.5%, effective February 7. he repo rate 25bp to 7.50% from 7.25%.
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Shares of the two state-owned banks Bank of Baroda and Corporation Bank were turned ex-stock split today. Both these banks had subdivided the face value of their equity shares to Rs 2 from Rs 10.
Bank of Baroda and Corporation Bank has fixed January 23, 2015 as Record Date for determining the shareholders of the banks, who are entitled to receive the equity shares of the banks upon the sub division/ reduction in the face value of one existing equity share of Rs 10 each fully paid up into five equity shares of Rs 2 each fully paid up.
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Bank of Baroda was down 2% to Rs 934 on the Bombay Stock Exchange (BSE) at 1035 hrs as the bank reported a 5.5% dip in Q2 net profit at Rs 1,104 compared to Rs 1,168 crore in the year-ago period.
Gross NPAs rose to 3.32% compared to 3.11% in the previous quarter.
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Gains in bank shares have lifted the Bank Nifty near its 52-week high on expectations of more reforms to push the economy on the growth track after Narendra Modi-led BJP emerged as the largest party in Maharashtra, the country's largest industrial State and is poised to form a government in Haryana after acquiring a majority.
State-owned banks which led the Bank Nifty include PNB, SBI, Bank of India, Bank of Baroda and Canara Bank up 1.8-3.5% each.
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Mumbai: Bank of Baroda on Monday said its board has approved a stock split wherein one existing equity share will be split into five, subject to regulatory approvals. With this, it is now the eighth bank this year to take the route to make its stock more affordable to smaller shareholders.
In its filing to BSE, Bank of Baroda said that in a meeting held on 27 September, the board had considered and given its in-principle approval to the bank for the sub-division of one existing equity share of face value of Rs.10 each fully paid up into five equity shares of face value of Rs.2 each fully paid up.
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Owing to the all-round rally after the election results, most stocks are trading at rich valuations. Surprisingly, however, some prominent stocks haven’t participated in this rally— between May 16 and June 25, ITC, United Breweries, Adani Enterprises, Bank of Baroda (BoB) and Idea Cellular (Idea) were the top losers among BSE 100 stocks. Three of these—ITC, BoB and Idea — are among the top picks of brokerages and, therefore, offer a buying opportunity.
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Mumbai: Nudged by the finance ministry, public sector banks have started valuing their non-core assets to divest stake when suitable buyers are found.
Non-core assets are investments by banks not related to lending and borrowing. These investments lie in the bank’s treasury books.
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Eighteen public sector banks, including SBI and PNB, failed to fulfil the target for installing ATMs during 2013-14, leaving more than over 9,300 branches without cash vending machines. As part of the target, a total of 34,668 onsite ATMs were to be installed by PSU banks during the last fiscal.
However, they could set up only 25,331 such machines by March 2014, thus falling short by 9,337, as per Finance Ministry data. Installation of Automatic Teller Machines (ATMs), especially by public sector lenders, has been a major priority for the government's efforts to ensure financial inclusion. Pursuant to Budget 2013-14 announcement, public sector banks were required to ensure an onsite ATM in ever branch.
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