Bank of India stock zooms over 13% on smart Q2 numbers

Shares of Bank of India jumped over 13 per cent today after the company reported a net profit of Rs 126.84 crore for the second quarter ended September.
The stock surged 12.97 per cent to end at Rs 111.90 on BSE. Intra-day, it climbed 13.87 per cent to Rs 125.15.
At NSE, shares of the company soared 13.12 per cent to close at Rs 124.15.
Led by the sharp surge in the stock price, the company's market valuation rose by Rs 1,503 crore to Rs 13,094 crore.
On the volume front, 26.39 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

State-owned Bank of India has reported a net profit of Rs 126.84 crore for the second quarter ended September.

The bank had reported a net loss of Rs 1,126.24 crore in July-September of 2015-16 on account of higher provision for bad loans as per RBI's asset quality review guidelines.
It had sold 18 per cent in its joint venture Star Union Dai-ichi Life Insurance to the foreign partner.
"During the quarter, the bank has earned profit before tax amounting to Rs 495 crore (Rs 323.69 crore net of taxes) from sale of 18 per cent stake in Star Union Dai-ichi Life Insurance Company Ltd (joint venture of the bank)," it said.

Total income stood at Rs 11,469.11 crore for the quarter ended September 2016 whereas the figure was Rs 11,317.97 crore for the same quarter of the previous fiscal, it said in a regulatory filing.