 "Nifty PSU Bank hits eight-month high; surges over 5%")
Shares of public sector undertaking (PSU) banks have rallied by up to 11% in intra-day trade after the State Bank of India (SBI) and Bank of India (BOI) reported June quarter results in line with the analyst forecast.
SBI and BOI rallied more than 8% each, while Indian Bank, Punjab National Bank, Union Bank of India, Dena Bank, Canara Bank, Oriental Bank of Commerce, Vijaya Bank, Allahabad Bank, Bank of Baroda and Syndicate Bank were up between 3%-6% on the National Stock Exchange (NSE).
At 02:17 pm, Nifty PSU Bank index, up 6% at 2,972, as compared to 0.86% rise in the S&P BSE Sensex. The PSU Bank index hit a high of 3,004, up 7.4% in intra-day trade on Friday, it highest level since December 9, 2015.
BOI surged 11% to Rs 115 on the NSE after the bank said its gross non-performing assets (NPA) rose slightly to 13.38% in June quarter from 13.07% in March quarter. Net NPA however, declined to 7.78% from 7.79% sequentially.
SBI soared 9% to Rs 248 in intra-day trade after the bank's bad loans rose slightly. Gross bad loans as a percentage of total loans rose to 6.94% as of end-June, from 6.50% in March. Net bad loans increased to 4.05% from 3.81% in previous quarter.
SBI and BOI rallied more than 8% each, while Indian Bank, Punjab National Bank, Union Bank of India, Dena Bank, Canara Bank, Oriental Bank of Commerce, Vijaya Bank, Allahabad Bank, Bank of Baroda and Syndicate Bank were up between 3%-6% on the National Stock Exchange (NSE).
At 02:17 pm, Nifty PSU Bank index, up 6% at 2,972, as compared to 0.86% rise in the S&P BSE Sensex. The PSU Bank index hit a high of 3,004, up 7.4% in intra-day trade on Friday, it highest level since December 9, 2015.
BOI surged 11% to Rs 115 on the NSE after the bank said its gross non-performing assets (NPA) rose slightly to 13.38% in June quarter from 13.07% in March quarter. Net NPA however, declined to 7.78% from 7.79% sequentially.
SBI soared 9% to Rs 248 in intra-day trade after the bank's bad loans rose slightly. Gross bad loans as a percentage of total loans rose to 6.94% as of end-June, from 6.50% in March. Net bad loans increased to 4.05% from 3.81% in previous quarter.
