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This story is from September 16, 2009
PSU banks stocks gain 3-10%
Over 20 counters went up between 3-10% on Tuesday with stocks such as SBI, Bank of India, Bank of Baroda, Canara Bank, Indian Bank, Oriental Bank, and Corporation Bank touching their 52-week highs.
CHENNAI: Stocks of PSU banks are on fire. Over 20 counters went up between 3-10% on Tuesday with stocks such as SBI, Bank of India, Bank of Baroda, Canara Bank, Indian Bank, Oriental Bank, and Corporation Bank touching their 52-week highs. Marketmen said investors are buying shares on expectations of better profits linked to advance tax numbers and to benefit from the valuation gap existing vis-a-vis private banks.
Out of the 22 listed PSU banks, 21 stocks ended in green with Indian Bank (10.87%) leading the gainers, followed by Bank of India (8.88%), IDBI Bank (6.86%), Dena Bank (6.85%), IOB (5.86%), Allahabad Bank (5.83%), Canara Bank (5.57%), State Bank of Travancore (5%) ��� all finishing with lofty gains.
Encouraging advance tax numbers from SBI, Bank of India and Bank of Baroda rubbed off on the PSU lenders pack.
Out of the 22 listed PSU banks, 21 stocks ended in green with Indian Bank (10.87%) leading the gainers, followed by Bank of India (8.88%), IDBI Bank (6.86%), Dena Bank (6.85%), IOB (5.86%), Allahabad Bank (5.83%), Canara Bank (5.57%), State Bank of Travancore (5%) ��� all finishing with lofty gains.
Investor wealth in these 21 stocks rose by Rs 11,000 crore in a single session.
Encouraging advance tax numbers from SBI, Bank of India and Bank of Baroda rubbed off on the PSU lenders pack.
End of Article
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