Bank of Baroda gains after setting up wholly owned subsidiary

Bank of Baroda shares traded slightly higher at ₹281.50 on the BSE after the bank incorporated a wholly owned subsidiary, BOB Securities & Giltedge. The new arm will undertake Standalone Primary Dealership business in line with Reserve Bank of India guidelines. The bank plans to infuse ₹2,000 crore in the subsidiary in two tranches to support operations.