PSU Bank Stocks Surge Up to 4% Following Positive Q4 Updates
5 PSU bank stocks rally up to 4% after reporting March quarter updates. Check details
The Economic TimesImage: The Economic Times
The Nifty PSU Bank Index rose by 0.5% as five public sector bank stocks saw gains of up to 4% after reporting strong business growth for the March quarter. Key performers included Bank of Baroda, Union Bank of India, and Bank of Maharashtra, reflecting resilience despite recent market corrections.
- 01Nifty PSU Bank Index increased by 0.5% despite broader market declines.
- 02Bank of Baroda reported a 14% YoY growth in global business.
- 03Union Bank of India experienced a 5.8% YoY increase in total global business.
- 04Bank of Maharashtra's total business grew by 18% YoY.
- 05UCO Bank and Punjab National Bank also reported significant growth in deposits and advances.
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On Monday, the Nifty PSU Bank Index gained 0.5%, defying a downturn in benchmark indices Nifty 50 and BSE Sensex. This uptick followed positive March quarter updates from several public sector banks, with five stocks rising up to 4%. Bank of Baroda's shares surged 4% to ₹260.50, driven by a 14% year-on-year growth in global business, reaching ₹30.78 lakh crore. Union Bank of India saw a 3% increase after reporting a 5.8% YoY rise in total global business. Bank of Maharashtra's shares climbed 4.3%, fueled by an 18% growth in total business to ₹6.42 lakh crore. UCO Bank's stock rose 2%, with total business up 14.59% YoY, while Punjab National Bank reported an 11% increase in global business. Despite a challenging environment due to rising bond yields, these results reflect the resilience of PSU banks.
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The positive performance of PSU banks may lead to increased investor confidence and potentially stabilize the banking sector, which could benefit customers through improved services and lending rates.
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