Buy Oriental Bank of Commerce

As per views of stock market analyst E Mathew, the stock of Oriental Bank of Commerce can be purchased on declines for achieving short term target above Rs 320. The stop loss marked for the suggested stock is Rs 264.

Today, the stock opened at Rs 285 as against its last closure at Rs 279.85 on BSE. Presently (12:20 pm), the stock is trading at Rs 282.60, up 0.98%. On Bombay Stock Exchange, the stock has touched 52-week high of Rs 321 and a low of Rs 156.5.

But the interested investors can purchase the stock on declines.

Mr. Gujral said that the investors can hold the stock for atleast 4-5 weeks to attain this target.

The bank has posted net profit of Rs. 13848 lacs for the quarter ending on 31-DEC-2007 against Rs. 18242 lacs for the quarter ending on 31-DEC-2006. It has earned interest income of Rs. 174790 lacs for the same period as against Rs. 131374 lacs for the quarter ending on 31-DEC-2006.

Oriental Bank of Commerce is planning to establish a representative office in the UAE within the next six months.

The bank has received the RBI authorization and awaits regulatory permission from the UAE authorities for opening an office in Dubai. With this, the bank will get its first overseas presence.

The bank’s insurance venture with Canara Bank and HSBC Group is expected to start its operations by rolling out its policy in June, subject to regulatory approval.

Other banking stocks that looks good for short as well as medium term trading includes SBI, PNB and Bank Of India.

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