9 PSU banks hit fresh 52-week high as Cabinet approves new NPA policy

Andhra Bank, BOB, Canara Bank, PNB, Indian Bank, Oriental Bank and Corporation Bank hit 52-week high

Shares of public sector undertaking (PSU) banks are in focus with the market price of nine banks hitting their respective 52-week highs on the National Stock Exchange (NSE) after Cabinet approved new non-performing assets (NPA) policy to deal with stressed assets.

Andhra Bank, Bank of Baroda, Bank of Maharahstra, Canara Bank, Punjab National Bank, Indian Bank, Oriental Bank of Commerce, Syndicate Bank and Corporation Bank hit their respective 52-week highs on the NSE. State Bank of India (SBI), Bank of India and Vijaya Bank are trading close to their 52-week highs.

At 09:37 pm; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.16% at 3,771 as compared to 0.38% rise in the Nifty 50 index. The bank index hit a fresh 52-week high of 3,774 in intra-day trade today.

“The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved a new framework for dealing with Rs 6 lakh crore worth of non-performing assets (NPAs) in the banking system,” the Business Standard report suggests.

The framework includes the promulgation of an Ordinance to amend the Banking Regulation Act to give more teeth to the Reserve Bank of India (RBI) and its oversight committees to act on behalf of banks while deciding on NPAs. The proposals are now awaiting the President’s assent, added report. CLICK HERE TO READ FULL REPORT.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
I O B	30.75	29.05	5.9
UCO BANK	43.80	42.15	3.9
UNION BANK (I)	184.80	178.60	3.5
BANK OF MAHA	38.95	37.85	2.9
PUN. & SIND BK	69.80	67.90	2.8
J & K BANK	82.60	80.40	2.7
DENA BANK	47.05	45.80	2.7
CENTRAL BANK	107.00	104.35	2.5
IDBI BANK	81.20	79.20	2.5
ORIENTAL BANK	179.50	175.15	2.5
ST BK OF INDIA	296.10	289.35	2.3
PNB	177.95	174.25	2.1
CORP BANK	62.60	61.35	2.0
BANK OF BARODA	193.55	189.75	2.0
ANDHRA BANK	72.15	70.75	2.0
UNITED BANK (I)	23.45	23.00	2.0
VIJAYA BANK	83.25	81.65	2.0
SYNDICATE BANK	88.50	87.00	1.7
BANK OF INDIA	187.55	184.75	1.5
CANARA BANK	373.20	367.80	1.5