UCO Bank, other PSU bank stocks rally up to 8% as investors expect CRR cut from RBI
Shares of PSU bank stocks like UCO Bank and Central Bank of India rallied up to 8% on Wednesday as a three-day meeting of the Reserve Bank of India (RBI)’s rate-setting panel began today in which brokerages expect Governor Shaktikanta Das to cut cash reserve ratio (CRR). Global brokerage firm Citi said that if the…
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Q2 review: 14 stocks in BSE PSU index rebound from 52-week lows, 5 turn multibaggers
With Q2FY25 earnings behind now, a performance analysis of PSU companies reveals 14 stocks which have not just shown a double-digit growth in their July-September quarter revenue and net profit but also posted double-digit returns from their respective 52 week lows. In this, five stocks are multibaggers viz. National Aluminium Company (NALCO), Housing & Urban…
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NPA provisioning moderates in Q2 driven by PSU banks
Provisioning for bad loans by banks fell in the September quarter for the second consecutive period based on year-on-year comparison driven by the public sector banks (PSBs). For a sample of 29 publicly listed banks, provisioning for nonperforming assets (NPA) fell by 2.9% to βΉ27,318.2 crore. For PSBs, it fell by 11.6% to βΉ14,628.3 crore…
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Govt plans minority stake sale in 4 PSU banks: Report
NEW DELHI – The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country’s markets regulator, a government source told Reuters. The finance ministry is likely to seek approval of the federal cabinet in the coming months to dilute the stake in Central Bank…
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Vedanta gets clearance from 75% secured lenders for demerger
In a key step for its proposed demerger, Vedanta has received approval from 75% of its secured creditors to obtain a clearance from stock exchanges. The natural resources major will then file the demerger scheme with the National Company Law Tribunal. The company is also in talks with some of these lenders to prepay their…
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