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BOB gives consolidation breakout post Q3 results

Bhagyashree Vivarekar
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BOB gives consolidation breakout post Q3 results

Bank of Baroda, the public sector bank with 58.7 per cent government stake, surged more than 8 per cent influenced by the release of its Q3FY18 results at the end of last week. The bank succeeded in breaching its fifth consecutive day of consolidation with volume spurt.

Bank’s net profit posted a de-growth of 68.5 per cent and 55.7 per cent QoQ and YoY, respectively to Rs. 111.78 crores. BOB posted marginal income growth of 3.9 per cent and 6.5 per cent to Rs. 12,976 crores. Yet, the stock surged because of its robust NII to Rs. 4,394 crore, registering 40.2 per cent growth as compared to the corresponding quarter of the last year. NIM too improved marginally to 2.72 per cent. Further, despite growth in Gross and Net NPAs, decline in NPAs to Advances buoyed the investor sentiments. Advances increased on the back of retail loan growth.

The stock of Bank of Baroda has surged above 61.8 per cent retracement of the prior sharp downward rally of 17.6 per cent from January 24 to February 2. The stock is heading towards its significant downward sloping trendline level of 177. The trendline could be termed as the neckline of the inverse Head & Shoulders pattern which is in the making. The 14-period RSI too broke out of the 50 levels after positive crossover. On the weekly time frame, if the stock crosses 179-180 levels on closing basis, it can hit above 189 which is again a major downward slopping trendline level.

 

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