HDFC Securities issued Neutral call on Bank of India. The stock broker maintained share price target of Rs 303 against current market price of Rs 278 in its report.

Commenting on investment rationale, stock broker said, "Uncomfortably high growth in weak macros have led to rapid capital consumption, without any meaningful contribution to earnings. Despite trading at a discount to peers, BOI continues to significantly underperform due to its volatile performance and weak operating parameters.

Further, with high capital requirements, return ratios are expected to remains subdued. We now expect an avg. slippage ratio of 2.4% and avg. credit cost of 110bps over FY15-16E. Expect G/NNPA to be ~3/2% by FY16E."

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