State-run banks jump; BJP, allies tipped to win big

Tags: Companies
The NSE Bank sub-index surged as much as 10.6 per cent to hit a life high of 15,742.05 as state-run banks surged after election results showed the BJP and its allies headed for the biggest electoral victory the country has seen in 30 years.

Canara Bank vaults 14 percent, Union Bank of India jumps 9 percent, Indian Bank surges 9.1 percent and Andhra Bank 11.6 percent.

Valuations at multi year lows, some of the state-run banks are available at 0.6-0.7 times of their book value, is also seen helping, dealers say.

EDITORIAL OF THE DAY

  • Public sector banks need to be independent of govt ownership

    The RBI, in its financial stability report released last week, has flagged off concerns about the deteriorating asset quality of public sector banks.

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