PSU banks in demand

Shares of 18 state-run banks rose by 0.38% to 6.47% at 14:11 IST on BSE on optimism triggered by media report that Bank of India recovered nearly Rs 7000 crore bad loans in the last two months.

Bank of India was up 8.31% at Rs 103. Among other PSU banks, Union Bank of India (up 6.47%), Corporation Bank (up 6.07%), Syndicate Bank (up 5.96%), Bank of Maharashtra (up 5.92%), Allahabad Bank (up 5.64%), Punjab & Sind Bank (up 5.15%), Canara Bank (up 4.97%), Bank of Baroda (up 4.91%), Dena Bank (up 4.86%), Vijaya Bank (up 4.77%), Andhra Bank (up 4.18%), Indian Bank (up 3.71%), Punjab National Bank (up 3.70%), United Bank of India (up 3.45%), UCO Bank (up 2.58%), IDBI Bank (up 1.85%) and State Bank of India (up 0.38%), edged higher. Central Bank of India, however, was down 1.14%.

The S&P BSE Sensex was down 164.99 points, or 0.49% at 33,752.95.

According to media reports, Bank of India has recovered Rs 7000 crore worth Standby Letters of Credit in the last two months and the balance of Rs 2000 crore would be recovered in another two months.

Shares state-run banks have been under severe pressure recently after the Punjab National Bank scam was reported on 14 February 2018.

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