Nifty PSU Bank soars 26% in a month; BOI, Canara Bank, UBI rally 55%
- Best Investment Advisor in India
- Business
- Commodity Market
- Currency
- Equity Market
- FII based calls
- Foreign Markets
- Genuine stock tips provider
- Intraday trading tips
- Intraday trading tips & Strategies
- Investment adviser
- Investments
- IT Industry
- Most accurate stock tips provider
- News
- NSE F&O
- Operator based calls
- Politics
- Portfolio Management Services
- promotions
- SEBI Registered advisory company
- Stock Market
Shares of state-owned banks have been on a roll in recent trading sessions. The Nifty PSU Bank index hit a new high in intra-day trades today, surging 26 per cent in the past one month after banks reported strong earnings for July-September quarter (Q2FY23). In comparison, the Nifty 50 has gained 5.4 per cent.
ALSO READ: Strong Q2 results drive earnings, target price upgrades for SBI, BoB
Bank of India (BOI), Union Bank of India (UBI), Canara Bank, Bank of Maharashtra, Indian Bank and Uco Bank have rallied between 30 per cent and 55 per cent in the past one month. State Bank of India (SBI), Central Bank of India, Bank of Baroda, Punjab National Bank, Indian Overseas Bank and Punjab & Sindh Bank from the index have surged in the range of 16 per cent to 25 per cent. Most of these stocks were trading at their 52-week highs on the NSE.
On Wednesday, the Nifty PSU Bank index hit a new high of 3,811.15 in intra-day trade. The index has soared 67 per cent from its 52-week low of 2,283.85, touched on June 20, 2022.
Meanwhile among individual stocks, Bank of Baroda and Indian Bank more-than-doubled from their respective 52-week lows. While, UBI, BOI and Canara Bank appreciated between 80 and 90 per cent from their 52-week lows.
WATCH VIDEO: Is the tide turning for PSU banks?
In the first half of the current financial year 2022-23 (FY23), the cumulative net profit of all public sector banks (PSBs) increased by 32 per cent to Rs 40,991 crore.
Finance Minister Nirmala Sitharaman on Monday said the government’s efforts to reduce bad loans were yielding result with 12 public sector banks reporting a 50 per cent jump in combined net profit at Rs 25,685 crore in the second quarter ended September.
“The continuous efforts of the government for reducing the NPAs and further strengthening the health of PSBs are now showing tangible results. All 12 PSBs declared net profit of Rs 25,685 crore in Q2FY23 & total Rs 40,991 crore in H1FY23, up by 50 per cent & 31.6 per cent, respectively (y-o-y),”Sitharaman said in a tweet. CLICK HERE FOR FULL REPORT
Meanwhile analysts at Emkay Global Financial Services believe India’s banking sector credit growth is resurrecting from decadal lows, on the back of strong consumer retail demand; and is now further getting diversified, with VF, MFI, Cards and corporate growth too picking up pace.
The rate hike is likely to have some impact on the post-festive demand, but unlikely to completely derail the growth. Moreover, asset quality is on the mend, and the risk of a fresh NPA cycle remains low, leading to lower LLP and thus supporting strong profitability/return ratios for banks, the brokerage firm said in banking sector update.
#1 stock adviser in India Accurate stock tips provider Best Equity Portfolio Management Best Intraday calls provider Best Intraday Tips Best Intraday tips provider Best Investment adviser in India Best Portfolio Management services Best Portfolio Management services in India Best SEBI registered investment advisor Best SEBI registered stock advisory company Best Share Market intraday tips Best stock advisor websites Best stock advisory company in India Best stock tips provider in india Best tips provider in India Genuine Account Management services Genuine SEBI registered advisory company Genuine stock market tips provider India no 1 stock advisory company India’s top rated advisory company India’s top rated Stock tips provider Intraday calls in stock future Intraday calls in stock market Intraday Jackpot tips Intraday Sureshot tips Intraday Sureshot tips provider Intraday tips Intraday tips in F&O Intraday trading in share market Intraday trading techniques Intraday trading tips Intraday trading tips & Strategies Intraday trading tips in stock market Investment adviser Jackpot intraday tips Most accurate investment adviser in India Most successful stock advisors in india Operator based calls Operator based intraday stock tips Operator based intraday tips Operator based options tips Operator based sureshot calls Share market trading tips online Stock market Stock market news Stock Market tips Stock market trading tips provider Strategy for Wealth Management and Financial planning Top rated Portfolio Management services Top rated SEBI registered stock advisory firms
Archives
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
Categories
- Best Investment Advisor in India
- Business
- Commodity Market
- Currency
- Equity Market
- FII based calls
- Foreign Markets
- Genuine stock tips provider
- Intraday trading tips
- Intraday trading tips & Strategies
- Investment adviser
- Investments
- IT Industry
- Most accurate stock tips provider
- News
- NSE F&O
- Operator based calls
- Politics
- Portfolio Management Services
- promotions
- SEBI Registered advisory company
- Stock Market
- Uncategorized
Calender
M | T | W | T | F | S | S |
---|---|---|---|---|---|---|
1 | ||||||
2 | 3 | 4 | 5 | 6 | 7 | 8 |
9 | 10 | 11 | 12 | 13 | 14 | 15 |
16 | 17 | 18 | 19 | 20 | 21 | 22 |
23 | 24 | 25 | 26 | 27 | 28 | 29 |
30 | 31 |