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PSU Banking Shares Soar As Investors Bet On Improved NPAs

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Shares in PSU banking stocks soared in trade as investors bet heavily on these banks improving their non performing assets in the coming months.

Shares in Allahabad Bank were the biggest gainer with the stock jumping 7 per cent in trade. Other stocks that moved up were Bank of India, Indian Bank and Syndicate Bank all of which rallied as much as 4 per cent.

 

Punjab National Bank on the other hand was up 5 per cent, while Union Bank was up 3 per cent in trade.

PSU Banking Shares Soar As Investors Bet On Improved NPAs
The only stock with a litthe gain was Central Bank of India, which gained only 1 per cent in trade. Bank of Baroda was another stock that did not see a stupendous rally and was up only 2 per cent in trade.

For many quarters now, PSU banking or government owned banking stocks have been the worst performers in trade. The quarterly numbers have been weak and there was a continued worries over poor asset quality. However, the belief now is that the worst for the sector may now be behind us.

There are increasingly hopes that economic recovery would lead to solid performance from the PSU Banking stocks. The next few quarters could provide true test for these stocks.

GoodReturns.in

Story first published: Monday, July 4, 2016, 11:48 [IST]
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