Shares of India’s state-owned companies maintained their upward trajectory for the second straight trading session today. The BSE PSU index, reflecting the performance of public sector enterprises, rose by 1.2% to reach 16,698 points. In particular, it rebounded from the previous day’s low of 15,838, marking a 5.2% recovery.
12 PSU stocks rose between 4% and 13% in today’s trade, and among these, RITES emerged as the top performer, with its shares up nearly 13% in intraday trade to. ₹652 each. On Saturday, the company announced it had been declared the highest bidder for a valuable project management consulting contract. ₹414 crores.
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Likewise, NLC India witnessed another 8.40% jump in its shares during today’s trade, reaching ₹248 per, building on a 2% increase in the previous trading session. Meanwhile, Indian Bank shares touched a new all-time high at ₹479 per, earning 8.50%.
This increase 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 crores. The bank attributed this growth to an increase in core income and a reduction in bad loans.
The bank’s net interest income rose to ₹14,198 crore, up from ₹11,834 crore in the quarter ended December 2022. Provisions for bad loans also saw a decline, coming down to ₹906 crores of ₹1,474 crore a year ago.
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The recent entrant, Indian Renewable Energy Development Agency (IREDA), saw its shares hit a fresh lifetime high of ₹169.80 per by locking in the 5% upper circuit limit. The stock made its entry on Indian exchanges on November 29, listing at ₹60 a piece against its issue price of ₹32.
In less than two weeks after listing, the shares experienced a remarkable increase of 105.33%. With the current market price standing at ₹169.80 each, it is trading 430% higher than its IPO price.
Besides, other stocks like NBCC (India), NMDC Steel, SJVN and Mishra Dhatu Nigam are currently trading with gains of over 5%.
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Railway PSUs rebounded strongly in today’s trade after falling sharply in Tuesday’s trading session amid profit booking. RailTel Corporation of India witnessed an 11.2% increase in its share value in today’s trade, reaching an intraday high of ₹442 each. Ircon International also experienced a 4.6% jump in today’s intraday trade, while shares of IRFC, and Rail Vikas Nigam are trading with gains of over 4%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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Published: 25 Jan 2024, 12:16 IST