SBI, PNB, Bank of Baroda, ICICI bank rally on stabilising assets, valuations

Oct 31 2013, 15:06 IST
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'Banks rally on hopes of stabilising asset quality and on valuations seen as attractive' (AP) 'Banks rally on hopes of stabilising asset quality and on valuations seen as attractive' (AP)
SummaryShares of state-owned banks rally on hopes of stabilising asset quality and on valuations seen as attractive, say analysts.

Shares of state-owned banks rally on hopes of stabilising asset quality and on valuations seen as attractive, say analysts.

Bank of India shares surge 14 percent after its July-September net non-performing loans ratio fell to 1.85 percent at quarter-end versus 2.04 percent a year earlier.

Among other banks, Bank of Baroda Ltd jumps 5.9 percent, Punjab National Bank Ltd gains 5.3 percent, while State Bank of India is up 3.1 percent.

Bank of India trades at 0.4 times 12 month forward price to book value, while for Bank of Baroda it is 0.7 times, compared with 1.6 times of private sector lender ICICI Bank Ltd.

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