Bank of India stock surges over 7% to new 52-week high on strong Q3 update, up 14.5% in Jan so far

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₹129.90 apiece. The stock commenced its upward momentum in the preceding trading session, surging over 2.50%, following the release of the bank's Q3FY24 business update on January 10. In the current month so far, the shares are up 14.5% The public sector lender reported impressive figures for the December quarter, with its total business improving 9.90% YoY to ₹12,76,389 crore as compared to ₹11,61,441 crore in the same period of last year.

Also Read: Nifty 50 hits all-time high again thanks to Infosys, TCS Q3 results The bank's gross advances showed double-digit growth, reaching ₹5,66,081 crore in Q3 FY24, a notable increase of 11.49% compared to Q3 FY23 gross advances of ₹5,07,750 crore. The total deposits of the bank grew by 8.66% YoY to ₹7,10,307 crore in Q3 FY24. Meanwhile, the bank's shares have consistently delivered positive returns.

In the calendar year 2021, they saw a decent increase of 5%. The subsequent year witnessed a substantial gain of 72%. Also Read: Nifty 50 hits all-time high.

Why is Indian stock market gaining today - explained In the most recent calendar year, 2023, the shares continued their growth trend, yielding a return of 28%. Despite this stellar rally, the current share price is still 78% lower than its all-time high of ₹588 per share, which was reached in 2010. For the September quarter, the bank reported a net profit of ₹1,458 crore, which is higher by 52% as compared to ₹960 crore recorded in Q2FY23.