Bank of India corrects on profit booking

Meanwhile, the BSE Sensex was down 2.51 points, or 0.01%, to 19,664.08.

On BSE, 42,000 shares were traded in the counter as against an average daily volume of 1.22 lakh shares in the past one quarter.

The stock hit a high of Rs 370.90 and a low of Rs 361 so far during the day. The stock had hit a 52-week high of Rs 408 on 22 February 2012. The stock had hit a 52-week low of Rs 253.80 on 30 August 2012.

The stock had outperformed the market over the past one month till 9 January 2013, rising 25.72% compared with the Sensex's 1.25% rise. The scrip had also outperformed the market in past one quarter, gaining 24.65% as against Sensex's 4.65% rise.

The large-cap bank has an equity capital of Rs 573.78 crore. Face value per share is Rs 10.

Bank of India's board, after market hours on Tuesday (8 January 2013), approved the raising of Tier-I capital of the bank by issue fresh equity shares to the Government of India (promoters) or to other investors, on preferential basis or otherwise, subject to necessary approvals.

Bank of India's net profit fell 38.5% to Rs 301.85 crore on 15.2% growth in total income to Rs 8899.55 crore in Q2 September 2012 over Q2 September 2011.

The Government of India (GoI) holds 62.72% stake in Bank of India as per the shareholding pattern as on 31 December 2012.

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