Market move▲ Bullish for Bank of India
PSU banks in focus; Bank of India, PNB, Indian Bank, IOB rally up to 4%
The brief
- Nifty PSU Bank index gained 2%, versus a 0.44% rise in the Nifty 50 at 10:23 AM Monday
- Bank of India, PNB, Indian Bank and IOB rose up to 4%
- The rally lifts sentiment for Indian PSU bank stocks, though the report gives no catalyst
- Indian Bank Q2 Update: Advances rise 17% as total business nears ₹16 lakh crore
- Indian Bank working on mechanisms to prevent UPI MDR being passed on to consumers
- Indian Bank may waive 0.28% MDR on UPI transactions
- Supreme Court reserves verdict on creditors’ power to withdraw approved resolution plans
PSU bank Q2 business growth and share rally
Bank of India reported 21% year-on-year growth in global business to ₹18.9 lakh crore and 20% growth in advances. PNB’s global business rose 11.95%, and shares of both banks gained after the Q2 updates.
Monday, 5 October
- PSU banks in focus; Bank of India, PNB, Indian Bank, IOB rally up to 4%