Nifty PSU Bank at day’s high; Bank of Baroda stock outperforms: CapitalHeight

Nifty Bank and Nifty Private Bank indices were up in today’s trade. The Nifty PSU Bank index has rallied nearly 4.5% at 3,225 in the afternoon trade.

After last week’s stellar performance, indexes extended gains on Monday with the Nifty 50 hitting the 11,300 mark for the first time.

Nifty PSU banks is up 4.5% led by Bank of Baroda, which has jumped over 9%, while Oriental Bank of Commerce, Andhra Bank, Bank of India, Syndicate Bank, and Punjab National Bank are the other gainers.

Nifty Bank and Nifty Private Bank indices were up in today’s trade. Nifty PSU Bank index has rallied nearly 4.5% at 3,225 in the afternoon trade.

Shares of State Bank of India rose 4% after the bank hiked the interest rates on fixed term deposits by up to 10bps. The new rate, which is effective from July 30, is applicable on retail deposits below Rs1cr.

Shares of Bank of Baroda soared 10% after its Q1FY19 standalone revenue improved by 5.6% yoy to Rs12,787.7cr. The bank’s standalone net profit grew by 159.7% to Rs528.3cr, much ahead of estimates and against Rs203.4cr reported in corresponding quarter last year. The beat in net profit was led by higher NII growth and lower provisions. 

Bank of Baroda is currently trading at Rs151.05 up by Rs13 or 9.42% from its previous closing of Rs138.05 on the BSE. The scrip opened at Rs147.10 and has touched a high and low of Rs151.90 and Rs144.75 respectively.

Bank of India is currently trading at Rs103.70 up by Rs5.85 or 5.98% from its previous closing of Rs97.85 on the BSE. The scrip opened at Rs98.05 and has touched a high and low of Rs104 and Rs98.05 respectively. 

For Expert Advice Click here: CapitalHeight