These 5 Nifty PSU bank stocks surge up to 110% in FY23. Do you own any of them?
2 min read . Updated: 03 Apr 2023, 01:59 PM IST
Premium- Multibagger stock: Among Nifty PSU stocks, UCO Bank has delivered around 110 per cent return to its shareholders
Indian stock market return in FY23 was quite disappointing as 30-stock index Sensex shed around 2.75 per cent in the recently ended financial year while 50-stock index Nifty lost to the tune of 3.90 per cent in this time. However, Nifty Bank Index added more than 5 per cent in this time, as PSU bank stock delivered stellar return in this time horizon. In fact, some of them figures among the multibagger stocks in FY23. If we look at Nifty PSU Bank index performance in FY23, we would come to know that the index has delivered more than 30 per cent return in recently ended financial year.
Here we list out 5 Nifty PSU stocks that have generated alpha return in FY23:
1] UCO Bank: Share price of this state-owned bank has ascended from around ₹12 apiece levels to ₹25 apiece levels, delivering to the tune of 110 per cent in financial year 2022-23. The Nifty Bank PSU stock managed to figure among multibagger stocks in India despite correcting near 17 per cent in last quarter of the FY23. In last six months or last two quarters, UCO Bank share price ascended from 11.50 to ₹25 apiece levels, delivering around 120 per cent return to its positional investors.
2] Indian Bank: Shares of this Nifty PSU Bank ascended from around ₹160 to ₹290 apiece levels, delivering around 80 per cent return to its shareholders in recently ended FY23. In last one quarter of financial year 2022-23, Indian Bank share price has remained sideways to negative delivering zero return in YTD. However, in last six months, Indian Bank share price has appreciated from around ₹190 to ₹290 per share levels, delivering around 50 per cent return to its shareholders.
3] Union Bank of India: Shares of this Nifty PSU Bank Index has generated alpha return in financial year 2022-23 by delivering more than 65 per cent return to its positional shareholders. However, the PSU Bank stock has remained sideways to negative after ascending to 52-week high of ₹96.40 per share levels in December 2022. In YTD time, this state-owned bank share price has descended to the tune of more than 15 per cent.
4] Bank of India: Share price of this Nifty PSU Bank stock has shot up from around ₹49 to ₹75 apiece levels, delivering more than 50 per cent return in FY23. The stock managed to generate alpha return in FY23 as Nifty PSU Bank index delivered little over 30 per cent in this time. Like other PSU stocks, this state-owned share has tumbled over 15 per cent in YTD time whereas in last six months, Bank of India share price has delivered 60 per cent return to its shareholders.
5] Punjab and Sind Bank: Share price of this Nifty PSU Bank appreciated from around ₹16 to ₹26 apiece levels in recently ended financial year 2022-23, logging around 65 per cent rise in this time. In last quarter of the recently ended fiscal, this state-owned share has descended around 17 per cent as the stock has remained under sell on rise heat in fourth quarter of the financial year 2022-23.
In last six months, Punjab and Sind Bank share price has surged from around ₹15.50 to ₹26 apiece levels, delivering around 70 per cent return to its shareholders in this time.