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PSBs in focus; Nifty PSU Bank index up over 2%

SI Reporter / Mumbai 24 Mar 17 | 10:07 AM

Shares of public sector undertakings (PSU) were in focus with the Nifty PSU Bank index gaining more than 2% as media report suggested that the Finance Minister Arun Jaitley has promised to offer a solution to the growing non performing assets (NPA) crisis in next few days.

At 10:01 am; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.3% as compared to 0.49% rise in the Nifty 50 index, while Nifty Bank and Nifty Private Bank index were up 1% each.

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Bank of Baroda (BOB), Bank of India (BOI), Syndicate Bank, Corporation Bank, Oriental Bank of Commerce, Union Bank of India and Punjab National Bank (PNB) were up more than 2% each. State Bank of India (SBI), Canara Bank and Andhra Bank were up 1%-2% on the NSE.

“Refusing to give details or the timeline for an announcement, the finance minister said the resolution may be arrived at a level higher than RBI's oversight panel," the PTI report suggests.

He blamed the bad loans of public sector banks on just 30-50 companies, saying accounts of these will have to be fixed to solve the issue, added report. CLICK HERE TO READ FULL REPORT.

Among the individual stocks, the Oriental Bank of Commerce hit a 52-week high of Rs 140, was up 3% on the NSE. 

BOB too up 3% at Rs 167 on the NSE. Analysts at HDFC Securities maintain ‘buy’ rating on the stock with target price of Rs 220.

“With better net interest margin (NIM) performance and higher treasury gains, the management expects the healthy pre-provision operating profits (PPOP) performance to continue in 4Q and FY18. The bank plans to monetise its non-core investments in NSE and UTI MF via an IPO in FY18. Further, it also plans to unlock value in subsidiaries," the brokerage firm said in a report.

COMPANY LATEST PREV CLOSE GAIN(%) VIJAYA BANK 64.30 62.30 3.21 BANK OF INDIA 130.45 126.60 3.04 ORIENTAL BANK 139.70 135.60 3.02 BANK OF BARODA 166.95 162.15 2.96 SYNDICATE BANK 68.45 66.50 2.93 UNION BANK (I) 153.10 148.95 2.79 CORPORATION BANK 48.20 46.90 2.77 PUNJAB NATL.BANK 139.15 135.80 2.47 ALLAHABAD BANK 71.00 69.50 2.16 CANARA BANK 288.30 282.40 2.09 ST BK OF INDIA 273.80 268.50 1.97         Nifty 50 9130.40 9086.30 0.49 Nifty PSU Bank 3326.05 3252.10 2.27 Nifty Bank 21122.95 20895.50 1.09 Nifty Private Bank 11715.65 11596.10 1.03

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