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Business News/ News / India/  PSU banks surge on PM's pat
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PSU banks surge on PM's pat

Prime Minister Narendra Modi commended the performance of public sector enterprises in his speech in the Rajya Sabha.

State-owned banks were among the 25 most actively traded counters on NSE on Wednesday. (Photo: Mint)Premium
State-owned banks were among the 25 most actively traded counters on NSE on Wednesday. (Photo: Mint)

MUMBAI: State-owned banks were among the 25 most actively traded counters on NSE on Wednesday after Prime Minister Narendra Modi commended the performance of public sector enterprises in his speech in the Rajya Sabha.

Seven PSU banks posted a combined turnover of 11,536.67 crore , accounting for 8.7% of the NSE’s total turnover of 1.33 trillion.

Leading the charge were Indian Overseas Bank (IOB), State Bank of India (SBI), Bank of Baroda, and UCO Bank. IOB led the pack with a turnover of 2,843.91 crore, followed closely by SBI at 2,793.41 crore. Bank of Baroda clocked 1,374.43 crore, while UCO Bank raked in 1,361.89 crore.

Six of the seven PSU banks saw their stocks gain, with Bank of Baroda being the lone exception. SBI closed 3.84% higher at 675.25, hitting a new all-time high of 677.95 in intraday trading. UCO Bank reached a fresh 52-week high of 70.59 before settling at 68.4.

Central Bank of India and Canara Bank also saw significant gains, rising 11.5% and 6%, respectively.

However, Bank of Baroda bucked the trend, closing 2.26% lower at 224.65.

The Nifty PSU Bank index mirrored the stock performances, surging 2.86% to a record high of 6,743.80 points. All but one constituent of the index ended the day in positive territory.

In a separate development, shares of Life Insurance Corporation of India (LIC) rose 1.98% to 1,045, buoyed by positive comments from the PM on the company’s performance. This comes as LIC has delivered a healthy return of 19.33% to its investors since its listing on 17 May, 2022, exceeding its issue price of 949 per share.

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ABOUT THE AUTHOR
Mayur Bhalerao
"Mayur spearheads data-driven reporting on IPOs for Mint. He also covers market trends, and corporate announcements to ensure comprehensive coverage of the financial landscape. Mayur believes in harnessing the power of Bloomberg Terminal and Capital Line to extract and disseminate critical financial data to cross-functional teams within the newsroom and beyond. disseminate critical financial data to cross-functional teams within the newsroom and beyond."
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Published: 07 Feb 2024, 09:53 PM IST
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