Mumbai: Shares of public sector banks surged on Tuesday, following a media report that Bank of India has recovered almost Rs7,000 crore bad loans in the last two months.
Andhra Bank shares went into free fall after the Enforcement Directorate slapped additional charges on former director Anup Garg over the Rs 5,000 crore fraud involving Sterling Biotech.
Shares of Bank of India surged after reports emerged that the public lender has recovered Rs 7,000 crore of non-performing assets. The recovery is expected to substantially improve the bank's balance sheet, said the bank's executive director N. Damodaran.
India's retail inflation eased to 4.44 percent in February from 5.1 percent in January, but remained above the 4 percent medium-term target of the Reserve Bank of India. On the National Stock Exchange, the counter has clocked a volume of over 41.4 million shares so far in the session. Andhra Bank, which plunged sharply in the previous session, is trading almost 10% up now.
Shares of Canara Bank (up 8.42 per cent), Allahabad Bank (up 8.37 per cent), Bank of Baroda (up 8.02 per cent), Andhra Bank (up 7.65 per cent), Syndicate Bank (up 7.64 per cent), IDBI Bank (up 6.63 per cent), State Bank of India (up 3.12 per cent) were also trading with gains. "We have already lodged formal complaint with CBI against the Companies", the bank added.
PSU Bank index was up 3.5 percent and Nifty Bank index gained 1 percent or 300 points, outperforming the Nifty that rose 0.3 percent. The bank is aiming to bring down its net NPA ratio substantially, to below six per cent, he said.Asked about credit growth, he said it has grown 22 per cent in the first nine months of 2017-18. The index has shed about 14% in the last thirty days.
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