PSU banks gain; Bank of Baroda up 4% after huge block deal
SBI, Syndicate Bank, Andhra Bank, Oriental Bank of Commerce, Union Bank of India, Bank of India and Punjab National Bank were up 1% to 2% on NSE
 "The Bank of Baroda headquarters is pictured in Mumbai")
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The Bank of Baroda headquarters is pictured in Mumbai
Shares of public sector undertaking (PSU) banks were in focus with Bank of Baroda (BOB) surging 4% after a huge block deal executed on the counter.
BOB gained 4% to Rs 151 on BSE after about 52.2 million shares representing 2.2% of total equity of bank changed hands on the counter. The name of the buyers and sellers were not ascertained immediately.
State Bank of India (SBI) was up 2% to Rs 272 as SBI Life Insurance Company’s maiden issue opens for subscription today.
SBI Life Insurance is a joint venture between State Bank of India (SBI-70%), and BNP Paribas Cardiff (26%). The insurer’s new business premium grew 35% from FY15 to FY17; it has a leadership position with 20% market share in New Business Premium (NBP) in FY17.
BOB gained 4% to Rs 151 on BSE after about 52.2 million shares representing 2.2% of total equity of bank changed hands on the counter. The name of the buyers and sellers were not ascertained immediately.
State Bank of India (SBI) was up 2% to Rs 272 as SBI Life Insurance Company’s maiden issue opens for subscription today.
SBI Life Insurance is a joint venture between State Bank of India (SBI-70%), and BNP Paribas Cardiff (26%). The insurer’s new business premium grew 35% from FY15 to FY17; it has a leadership position with 20% market share in New Business Premium (NBP) in FY17.