Bank of India's post-rally retreat extends on Morgan Stanley profit warning

Bank Of India

13/12/2023 08:24

** Bank of India  BOI.NS  drops 3.2%, taking 2-day pullback
to ~5.5%
    ** State-owned lender's shares jumped 3.6% Monday, hitting
their highest since Feb 2018 after its 45 bln rupees qualified
institutional placement (QIP) was oversubscribed  by 4.1x on Fri
    ** Morgan Stanley estimates resultant share dilution will
hit BOI EPS by 4%, 7% and 14% in FY24, 25 and 26
    ** BOI trading vol is already about 10x the 30-day avg
    ** Stock still up ~27% YTD, little under the 29% rise in
public sector banks index  .NIFTYPSU 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))