9 PSU banks hit fresh 52-week high as Cabinet approves new NPA policy

Shares of public sector undertaking (PSU) banks are in focus with the market price of nine banks hitting their respective 52-week highs on the National Stock Exchange (NSE) after Cabinet approved new non-performing assets (NPA) policy to deal with stressed assets. Andhra Bank, Bank of Baroda, Bank of Maharahstra, Canara Bank, Punjab National Bank, Indian Bank, Oriental Bank of Commerce, Syndicate Bank and Corporation Bank hit their respective 52-week highs on the NSE. State Bank of India (SBI), Bank of India and Vijaya Bank are trading close to their 52-week highs. At 09:37 pm; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.16% at 3,771 as compared to 0.38% rise in the Nifty 50 index. The bank index hit a fresh 52-week high of 3,774 in intra-day trade today.  Commodity Trading Tips



“The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved a new framework for dealing with Rs 6 lakh crore worth of non-performing assets (NPAs) in the banking system,” the Business Standard report suggests.The framework includes the promulgation of an Ordinance to amend the Banking Regulation Act to give more teeth to the Reserve Bank of India (RBI) and its oversight committees to act on behalf of banks while deciding on NPAs. The proposals are now awaiting the President’s assent, added report.  Nifty Trading Tips