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PSU banks extend gains; Canara, PNB, Vijaya,Syndicate Bank hit 3-month high

United Bank of India, Union Bank of India, Corporation Bank, Indian Bank, OBC, BOI, BOB, Central Bank of India and SBI were up more than 1% on NSE.

banks, bank recapitalisation, infusion, finance
Illustration by Ajay Mohanty

Shares of select public sector undertaking (PSU) banks were trading higher for the third straight day on the report that the central government would release Rs 286.15 billion before the end of this month towards a fresh tranche of funds to recapitalise state-run banks. The sharp moderation in bond yields should significantly boost the treasury performance of the banking sector, especially public sector banks (PSBs). Canara Bank, Punjab National Bank (PNB), Vijaya Bank and Syndicate Bank hit their respective three-month highs in intra-day trade on Friday. These stocks were up in ...