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PSU bank stocks edge lower

Capital Market 

Stocks of public sector banks edged lower at 15:10 on on reports Minister with heads of public sector banks on issues relating to rising non-performing assets in the sector.

Meanwhile, the S&P Sensex was down 173.18 points or 0.55% at 31,088.88. The S&P Bankex index declined 291.66 points or 1.09% at 26,528.62.

Among public sector banks, Union of India (down 4.61%), of Baroda (down 3.54%), Indian (down 3.21%), Punjab National (down 2.63%), IDBI (down 2.26%), State of India (down 1.18%) and Corporation (down 0.68%) edged lower. Indian Overseas (up 1.18%) edged higher.

The Minister was quoted as saying that he discussed non-performing assets (NPA) resolution, finances of banks, review of financial inclusion with heads of public sector banks in a meeting today, 12 June 2017. Jaitley reportedly said that there is a challenge with regard to credit growth.

The S&P Bankex index had underperformed the market over the past one month till 9 June 2017, advancing 3.83% compared with the Sensex's 4.44% rise. The index had, however, outperformed the market over the past one quarter, gaining 13.51% as against the Sensex's 8.06% rise. The index had also outperformed the market over the past one year, gaining 30.81% as against the Sensex's 16.81% rise.

Oriental of Commerce (OBC) was down 4.6%. The said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The bank's MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the said. The announcement was made after market hours on Friday, 9 June 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 12 2017. 15:13 IST