Moneycontrol
Apr 19, 2017 12:41 PM IST | Source: Moneycontrol.com

SBI becomes most valued PSU stock, overtakes ONGC

ON Tuesday, SBI surpassed ONGC with market cap of Rs 2,39,808 crore at 10:56 AM. ONGC was trading with market cap of Rs 2,36,003 crore, as per the BSE data.

 
 
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Public sector bank State Bank of India (SBI) overtook Oil & Natural Gas Corporation (ONGC) to become most valued public sector undertaking (PSU) stock in terms of market capitalisation.

ON Tuesday, SBI surpassed ONGC with market cap of Rs 2,39,808 crore at 10:56 AM. ONGC was trading with market cap of Rs 2,36,003 crore, as per the BSE data.

So far this year, SBI has outperformed the market with 16 percent rise against 10.5 percent gain in the benchmark index.

On Tuesday, the Nifty PSU Bank index hit a 52-week high on NSE in intra-day trade. However, the index closed flat on back of profit booking.

SBI gained 2.4 percent intra-day to Rs 297 on Tuesday. Bank of India, Indian Overseas Bank, UCO Bank and Corporation Bank were the top gainers.

A key trigger for this rally was the recent action plan – Prompt Corrective Active (PCA) – of the Reserve Bank of India.

As per the PCA, any bank with 6 percent or more net non-performing assets will come under RBI’s scanner and will be guided on how to reduce NPAs and conduct business ahead.
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