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Bank of India shares jump 7.5%

Press Trust of India  |  New Delhi 

Shares of of India jumped 7.5 per cent today after the company recovered Rs 7,000 crore worth Standby Letters of Credit in the last two months and the balance of Rs 2,000 crore would be recovered in another two months.

The stock soared 7.47 per cent to end at Rs 102.20 on BSE. Intra-day, it zoomed 14.98 per cent to Rs 109.35.

At NSE, shares of the company surged 7.41 per cent to close at Rs 102.15.

The company's market valuation rose by Rs 841.06 crore to Rs 12,106.06 crore.

In terms of equity volume, 66.43 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day.

This recovery will substantially improve the bank's balance sheet, of India Executive said yesterday in

The is aiming to bring down its net NPA ratio substantially, to below six per cent, he said.

Meanwhile, buying was also seen in other bank stocks, with surging 7.07 per cent, 6.92 per cent, Union 6.85 per cent, 5.87 per cent, 5.86 per cent, 5.70 per cent, PNB 3.59 per cent and SBI 0.81 per cent on BSE.

Standby Letters of Credit is a document issued by a bank, which serves as a guarantee.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 17:55 IST