Shares in PSU banking stocks rallied sharply up to 14 per cent, after PSU Bank, Indian Overseas Bank (IOB) reported a stellar set of quarterly numbers.
Indian Overseas Bank rallied as much as 14 per cent, while Allahabad Bank and Andhra Bank were up 4 per cent each and Syndicate Bank, Canara Bank and Union Bank were up 3 per cent each. United Bank and Central Bank on the other hand were up in excess of 5 per cent.
IOB, reported an almost four times jump in net profit at Rs 268.33 crore for the fourth quarter ended March 31, 2014.
The jump was largely on the back of lower provisions and higher recoveries. The board of the company recommended a dividend of 5 per cent, after declaring an interim dividend of 7 per cent earlier.
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