Bank of India Stocks Surge Following Profit Boost

Bank of India's shares soared over 5% after the bank reported a 7% increase in net profit for the December quarter. This profit rise was driven by growth in non-core income and a boost in advances, resulting in strong performance on both the NSE and BSE.

Shares of Bank of India surged more than 5% in trading on Thursday after the state-owned bank reported a notable 7% rise in net profit for the December quarter. The financial performance was buoyed by an increase in non-core income and a 14% growth in advances, driving investor optimism.

The stock closed at Rs 166.40 on the BSE, marking a 5.62% increase, while similarly rising 5.60% to Rs 166.30 on the NSE. During the trading session, the shares reached a 52-week high, reflecting strong investor sentiment backed by the bank's encouraging earnings report.

In terms of trading volume, 4.27 crore equity shares were exchanged on the NSE and 22.54 lakh shares on the BSE. The broader indices also exhibited bullish trends, with the BSE Sensex climbing 397.74 points to close at 82,307.37, and the NSE Nifty increasing by 132.40 points to settle at 25,289.90.

(With inputs from agencies.)