Bank of Baroda Share Price NSE: Bank of Baroda shares surged more than 2.50 per cent on Monday as investors turned optimistic on the back of strong Q3 numbers by the public sector bank. The stock quoted Rs 168 apiece around 2 PM on NSE, up 2.66 per cent. 

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The Vadodara headquartered bank in the December quarter reported a jump of 74.76 per cent in its consolidated net profit at Rs 4,305.66 crore, helped by improving asset quality and higher core income on Friday.

Its total income during the quarter under review increased to Rs 27,092 crore as against Rs 20,482 crore a year ago, the bank said in a filing. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 4.53 per cent as compared to 7.25 per cent at the end of the third quarter of 2021-22.

Amid healthy December quarter results, brokerages are bullish on the counter. CLSA has upgraded its rating to ‘buy’ from ‘outperform’. Similarly, CITI and HSBC also give a ‘buy’ call. JP Morgan and Morgan Stanley have maintained an ‘overweight’ and ‘outperform’ rating, respectively. 

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JP Morgan in its note mentioned that the Q3 growth in BoB was mainly led by the strong asset quality of the public sector bank.

Zee Business panellist and market expert Kunal Saraogi recommended buying shares of Bank of Baroda above the breakout level of Rs 170. For the existing shareholders, he asked to keep a tight stop loss of Rs 160.

"We have witnessed a good pullback on the counter from lower levels. Resistance is being witnessed at Rs 170 levels. Renewed momentum will be seen in the counter after it passes the Rs 170 level," he said.

Bank of Baroda Share Price Target 

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