PSU Bank Index

SBI has demonstrated its strength in the last few quarters both on core operating performance and asset quality, while, management remains confident on growth, maintenance of margins and steady RoA.

Motilal Oswal Financial Services reiterated its 'BUY' rating on Indian Bank with a revised target price of Rs 650 per share.

Bank stocks today: The Nifty Bank index today fell 2.1 per cent in the intraday trade, to hit a low of 50,440.6 level on the NSE (National Stock Exchange)

PNB shares have slipped after it announced Rs 109.16 per share as the floor price for the QIP, launched on September 23, that aims to raise Rs 7,500 crore.

The Nifty Financial Services Index has recently approached its resistance level of 25,000, which is a crucial round figure for short-term traders.

Analysts link the index's decline to a major drop in Vi's stock price after the SC rejected telecom companies' plea to re-evaluate AGRs, while also affirming the govt's existing AGR demands.

The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.

The Nifty PSU Bank index, the top loser among sectoral indices, was down 1.1 per cent at 6,581.40, as compared to the 0.16 per cent rise in the Nifty 50 at 11:14 AM on Monday.

The fall in SBI share price came the New York-based brokerage Goldman Sachs downgraded SBI to 'Sell' from 'Neutral'.

The Nifty PSU Banks Index is currently range-bound, oscillating between the levels of 7,090 and 6,910. This indicates a phase of consolidation, where the index lacks clear direction

Bank of Baroda recovered Rs 1,005 crore from bad debt in April-June, of which a major portion was small-ticket loans, the chief executive said

NIMs under pressure; dip by 15 bps to 2.90%

The Nifty Financial Services Index is currently trading at 23,071.25. The index is displaying a range-bound pattern on the charts, with a defined range between 23,200 and 22,800

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, on Monday recommended the elevation of five chief general managers for the post of executive directors in various banks. The FSIB interviewed 57 candidates between June 13-17 for recommending suitable names for executive directors (EDs) in public sector banks (PSBs). Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends five names for the panel of EDs for year 2024-25, FSIB said in a statement. These successful Chief General Managers (CGMs) are Beena Vaheed (Union Bank of India), Rajeeva (Punjab National Bank), S K Majumdar (Canara Bank), D Surendran (Canara Bank) and Amit Kumar Srivastava (Punjab National Bank). "The names are in the order of merit. This panel will be operated in the financial year 2024-25, subject to availability of vacancies in the panel Year 2024-25," it said. Th

CLSA expects private sector banks, which have been stock market laggards over the past few months, to give better returns ahead, given a good business outlook and inexpensive valuations

India's banking system continues to ride the good economic growth momentum, well supported by recent structural improvements in the system.

Surpassing the 50,000-mark for the very first time, the index's ascent can also be attributed to robust Q4 GDP figures, and S&P recent upgradation of India's rating to positive

The Nifty PSU Bank Index is currently trading at 7,456.75. The near-term trend is bullish on the charts; however, the index is approaching a significant resistance zone between 7,500 and 7,590

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

State-owned Bank of Maharashtra recorded the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders at a time when most banks are facing difficulty in achieving double-digit growth. The Pune-headquartered lender has registered a 15.94 per cent rise in the total business (domestic) in FY24, followed by the country's largest lender State Bank of India (SBI) with 13.12 per cent growth, according to published financial numbers of the public sector banks (PSBs). However, SBI's total business (deposit and advances) was about 16.7 times higher at Rs 79,52,784 crore compared to Rs 4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms. Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a 15.66 per cent rise in FY24. It was followed by SBI (11.07 per cent), Bank of India (11.05 per cent) and Canara Bank (10.98 per cent). Out of 12 public sector banks, only these four lenders could