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Shares of state-run Bank of Baroda Ltd rose over 4 per cent to Rs 98.20 on the BSE on Friday. The government extended the term of MD and CEO S. Jayakumar by one year, the bank said on Thursday.
The stock opened at Rs 96.15 against Thursday’s close of Rs 93.90. The stock traded between Rs 98.20 and Rs 96 in morning trade before quoting at Rs 96.45 (+2.72 per cent or Rs 2.55), at about 10.30 am
Dena Bank and Vijaya Bank are to be merged with Bank of Baroda, the government said last month, amid efforts to clean up the country's banking system “The one-year timeline is enough to complete the merger process. However, the real integration issues related to people and technology would start after that... While further extension beyond October 2019 is likely (he is 56 years old), there would be uncertainty till this actually happens,” Citi said in a note on Thursday.
The stock is down nearly 42 per cent this year as of last close.
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