PSU stocks' rally continues: RITES, Indian Bank, IREDA and 9 others surge up to 13%; check full list
BSE PSU index, reflecting the performance of public sector enterprises, surged by 1.2% to reach 16,698 points. Notably, it rebounded from the previous day's low of 15,838, marking a 5.2% recovery. 12 PSU stocks surged between 4% and 13% in today's trade, and among these, RITES emerged as the top performer, with its shares surging nearly 13% in intraday trade to ₹652 apiece.
On Saturday, the company announced it was being declared the top bidder for a project management consultancy contract worth ₹414 crore. Also Read: 8 PSUs including IRFC, Bharat Electronics entered ₹1 lakh crore market cap club in last one year; check full list Likewise, NLC India witnessed another 8.40% jump in its shares during today's trade, reaching ₹248 apiece, building on a 2% rise in the previous trading session. Meanwhile, Indian Bank shares touched a new all-time high at ₹479 apiece, gaining 8.50%.
This uptick in shares was in response to the bank's strong performance in Q3. The bank reported a 52% improvement in net profit at ₹2,119 crore. The bank attributed this growth to an increase in core income and a reduction in bad loans.
The net interest income of the bank rose to ₹14,198 crore, up from ₹11,834 crore in the quarter that ended December 2022. Provisions for bad loans also saw a decline, dropping to ₹906 crore from ₹1,474 crore a year ago. Also Read: Budget 2024 expectations Highlights: Healthcare, auto, realty, agriculture and other sectors share their wishlist The recent entrant, Indian Renewable Energy Development Agency (IREDA), saw its shares hit a fresh lifetime high of ₹169.80 apiece by locking in the 5% upper circuit limit.
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