Bank of India gains after LIC hikes stake

Bank of India rose 1.62% to Rs 116 at 13:47 IST on BSE after the bank said it allotted 2 crore equity shares at Rs 132.06 each to Life Insurance Corporation of India on preferential basis yesterday, 5 January 2016.

The announcement was made during trading hours today, 6 January 2016.

Meanwhile, the BSE Sensex was down 16.47 points, or 0.06%, to 25,563.87.

On BSE, so far 4.09 lakh shares were traded in the counter, compared with an average volume of 3.46 lakh shares in the past one quarter. The stock hit a high of Rs 117.30 and a low of Rs 113.05 so far during the day. The stock hit a 52-week high of Rs 306 on 21 January 2015. The stock hit a 52-week low of Rs 112.85 on 5 January 2016. The stock had underperformed the market over the past one month till 5 January 2016, sliding 7.53% compared with 0.23% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 18% as against Sensex's 4.50% fall.

The mid-cap PSU bank has an equity capital of Rs 791.91 crore. Face value per share is Rs 10.

Bank of India reported net loss of Rs 1126.24 crore in Q2 September 2015 as against net profit of Rs 786 crore in Q2 September 2014. Operating income declined 6.5% to Rs 11317.97 crore in Q2 September 2015 over Q2 September 2014.

As per the shareholding pattern, the Life Insurance Corporation of India (LIC) held 12.54% stake in Bank of India as at 30 September 2015.

The Government of India held 70.13% stake in Bank of India as at 30 September 2015.

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