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Nifty PSU Bank Gains 4% On Reports Govt. May Award ‘Ratna' Title To Few PSBs
Nifty PSU Bank index in intra-day trade on August 12, 2020 surged as much as 4% even as the benchmark Nifty index was trading flat with a negative bias. This is after reports suggest that the centre is considering rewarding the state run lenders including the likes of State Bank of India and Bank of Baroda with the 'Ratna' title. On the NSE, the shares of PSBs surged 1-5%.
In accordance with the government guidelines, 'Ratna' title is conferred upon a public sector entity for giving them financial autonomy. As of now, 'PSU Ratna' in the country is of 4 types - Miniratna-II, Miniratna-I, Navratna and Maharatna.
SBI shares rose close to 5% to Rs. 204.25 shares apiece, while others PSBs such as Bank of Baroda, UCO Bank, Central Bank of India, Canara Bank were all up in the range of 1-6%.
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