PSU banks' stocks trade steady

6 Dec 2022 , 12:34 PM

Following intra-day gains of up to 4% on the BSE on Tuesday, shares of public sector undertaking (PSU) banks were trading steadily. At 9:30 AM, the Nifty PSU Bank index was up 0.82 % at 4,185.90, setting a record high of 4,196. In contrast, the Nifty 50 index had decreased by 0.50 % to 18,607.

On the National Stock Exchange, Bank of India, Bank of Baroda, Bank of Maharashtra, UCO Bank, Punjab & Sind Bank, Indian Overseas Bank, Union Bank of India, and Central Bank of India all saw gains of 1% to 4%. (NSE). Today saw 52-week highs for the Bank of India, Bank of Baroda, and Punjab & Sind Bank, respectively.

State Bank of India (SBI) reported a 9 bps reduction in the restructured (R/s) book and a 39 bps QoQ decline in GNPA for the July—September quarter (Q2FY23). As the GNPA was down 95 bps and the restructuring pool was down 30 bps QoQ, the Bank of Baroda kept up its strong performance in terms of asset quality. During this time, SBI's stock price increased 0.32 % to Rs 619.30 in intraday trade, gaining 2% over the previous two trading days. It traded near the record high of Rs. 622.70, attained on November 7, 2022.

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