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PSU banks surge. Don't rush to buy the shares on a bounce, caution analysts PSU banks in focus; PNB, Oriental Bank, Syndicate Bank up over 5% Smaller PSBs beat giants in dash to NCLT, Bank of Baroda tops with 55 cases PSBs in focus; Andhra Bank, Syndicate Bank, PNB up 5% Nifty PSU Bank index recovers 3% from intra-day low -
Shares of public sector banks (PSBs) were in focus with the Nifty PSU Bank index rising 4% thus far in current week, to record its biggest weekly gain since November 2017. At 11:05 am; Nifty PSU Bank index was trading 1.26% higher at 2,977, gaining 4% thus far in the current week. Syndicate Bank, Allahabad Bank, Oriental Bank of Commerce, Dena Bank and Canara Bank were up more than 15% so far in the current week. IDBI Bank, Andhra Bank, Central Bank of India, Indian Bank, Bank of Baroda, Corporation Bank and Union Bank of India up in the range of 10% to 15%. The index posted its sharpest weekly gain since November 5, 2017, when it had gained 4%, after extending its 30% surge in the last week of October when the government announced banks recapitalization plan. Between February 14 and March 9, 2018, most of the PSBs have fallen in the range of 10% to 40% on reports of cheating/fraud cases in several government-run banks.
In past six weeks, the Nifty PSU Bank index had fell 24% as compared to 7.6% decline in the Nifty 50 index. According to Business Standard report, PSBs have decided to further tighten lending to corporates by asking promoters to give equity upfront and assessing the quality of equity by verifying the loss absorption capacity of firms. PSBs will discourage multiple banking arrangements for companies with exposure of more than Rs 2.5 billion in the banking system and will move all such loans under the consortium of banks for better monitoring, added report. CLICK HERE TO READ FULL REPORT
| COMPANY | LATEST | 1-WEEK BEFORE | GAIN(%) |
| SYNDICATE BANK | 64.30 | 54.30 | 18.42 |
| ALLAHABAD BANK | 53.20 | 45.45 | 17.05 |
| ORIENTAL BANK | 105.50 | 91.25 | 15.62 |
| CANARA BANK | 271.10 | 235.20 | 15.26 |
| DENA BANK | 21.60 | 18.75 | 15.20 |
| IDBI BANK | 81.00 | 70.70 | 14.57 |
| ANDHRA BANK | 43.95 | 38.50 | 14.16 |
| CENTRAL BANK | 86.05 | 76.45 | 12.56 |
| INDIAN BANK | 311.80 | 278.05 | 12.14 |
| BANK OF BARODA | 146.30 | 131.50 | 11.25 |
| UNION BANK (I) | 104.05 | 93.60 | 11.16 |
| CORPORATION BANK | 32.85 | 29.60 | 10.98 |
| BANK OF INDIA | 107.05 | 97.55 | 9.74 |
| VIJAYA BANK | 58.50 | 53.40 | 9.55 |
| UNITED BANK (I) | 13.20 | 12.18 | 8.37 |
| PUN. & SIND BANK | 37.65 | 35.20 | 6.96 |
| PUNJAB NATL. BANK | 101.40 | 95.50 | 6.18 |
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