PSU Stocks Rally: BSE PSU Index Surges 1.2 Percent with Strong Performances

PSU Stocks Rally: BSE PSU Index Surges 1.2 Percent with Strong Performances

VoM News Desk | January 25, 2024 | 12:42 PM IST | Breaking News | Follow on Google News

PSU Stocks Rally: BSE PSU Index Surges 1.2 Percent with Strong Performances/AP

PSU Stocks Rally: BSE PSU Index Surges 1.2 Percent with Strong Performances

India’s state-owned companies’ stocks maintained their upward momentum for the second consecutive trading session, with the BSE PSU index surging by 1.2% to reach 16,698 points. This rebound marked a significant 5.2% recovery from the previous day’s low of 15,838.

Top Performing PSU Stocks:

1. RITES (13% Surge):

• RITES emerged as the top performer, witnessing a nearly 13% surge in intraday trade to reach ₹652 apiece.
• The company recently secured a project management consultancy contract worth ₹414 crore, contributing to its stock’s positive momentum.

1. NLC India (8.40% Jump):

• NLC India experienced an 8.40% increase in its shares, reaching ₹248 apiece, building on a 2% rise in the previous trading session.

1. Indian Bank (8.50% All-Time High):

• Indian Bank shares touched a new all-time high at ₹479 apiece, gaining 8.50%.
• The bank’s strong Q3 performance, with a 52% improvement in net profit at ₹2,119 crore, contributed to the surge.

1. IREDA (5% Upper Circuit):

• Indian Renewable Energy Development Agency (IREDA) reached a fresh lifetime high of ₹169.80 apiece, hitting the 5% upper circuit limit.
• The stock, listed on November 29, has experienced a remarkable 430% surge from its IPO price.

Other Gaining PSU Stocks:

• NBCC (India), NMDC Steel, SJVN, and Mishra Dhatu Nigam are currently trading with gains of over 5%.
• Railway PSUs, including RailTel Corporation of India, Ircon International, IRFC, and Rail Vikas Nigam, bounced back strongly in today’s trade.

The positive momentum in PSU stocks is attributed to factors such as strong Q3 performances, contract wins, and overall market sentiment. Investors are closely monitoring the continued performance and developments in the public sector enterprises.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.