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Accumulate Bank Of India, target of Rs 269: Angel

Posted on: May 5th, 2009 and is filed under Brokerage Recommendations.

Angel Broking has maintained its accumulate rating on Bank Of India (BOI) with a target price of Rs 269 in its May 4, 2009 research report.

“Bank of India (BOI) continued to grow at an above-the-industry average growth rate and recorded a 27.5% yoy and 6% sequential growth in advances to Rs 1,44,732 crore as well as a 26.5% yoy and a substantial 10.5% sequential growth in deposits to Rs 1,89,708 crore driven by a 12.5% sequential growth in term deposits. We maintain an ‘Accumulate’ on the stock, with a target price of Rs 269,” says Angel’s research report.

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