Vijaya Bank piggybacks block deal

DALAL STREET SPIKES

A huge block deal of 31.14 lakh shares boosted Vijaya Bank counter in Wednesday's trading. The stock as a result was up 1.56 per cent to close at Rs 64.95 after hitting an intra-day high of Rs 65.85.

Renewed buying interest in PSU bank stocks has resulted in sharp spurt in Vijaya Bank stock prices. From a low of Rs 46.95 on October 29, 2004, the scrip in the past two months has appreciated more than 38 per cent to on Wednesday's close of Rs 64.95.

A dealer said, "Bank stocks which failed to participate in the rally are now fancied by the investors. Also consolidation in the banking sector is generating huge interest among the sector stocks, he added. Falling NPAs, a pick-up in credit offtake and attractive valuations spurred spirited buying in shares of PSU banks in the past one-and-a-half months.