Shares of Bank of India Ltd. gained the most in 10 weeks after it upwardly revised its marginal cost of fund-based lending rates.
The bank revised its marginal cost of fund-based lending rates in the range of 10–40 basis points with effect from April 1, 2023. The rep-based lending rate will be marked up by 10 basis points.
Shares of the company rose 4.37% to Rs 204.3 apiece as of 11:55 a.m., compared with a 0.15% decline in the benchmark Nifty 50. The stocks advanced as much as 4.93% intraday, the most in 10 weeks since Jan. 23.
The total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was 43.5.
Out of the 30 analysts tracking the company, 23 maintain a 'buy' rating, five recommend a 'hold' and two suggest a 'sell' the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 47.4%.
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