On the BSE, Indian Overseas Bank’s stock was trapped in the upper circuit of Rs 16.75, rising 5%. In just two days, the stock has risen 5.97 percent.
In today’s trading, shares of public sector lenders Indian Overseas Bank, Bank Of India, Central Bank of India, and UCO Bank rose up to 6.5 percent after the government pumped Rs 14,500 crore into the four banks.
On the BSE, Indian Overseas Bank’s stock was trapped in the upper circuit of Rs 16.75, rising 5%. In just two days, the stock has risen 5.97 percent. The stock is trading above its five-day, twenty-day, fifty-day, hundred-day, and 200-day moving averages.
The stock has risen 57.18 percent since the beginning of the year, rising 140 percent in a year.
On the BSE, Bank Of India’s stock rose 6.56 percent to an intraday high of Rs 72.3. The stock is trading above the 50-day, 100-day, and 200-day moving averages, but below the 5-day and 20-day moving averages.
In a year, it has increased by 113.91 percent, and it has increased by 42.24 percent since the beginning of this year.
The government has invested Rs 14,500 crore in four public sector banks.
The stock is trading above the 5-day, 50-day, 100-day, and 200-day moving averages, but below the 20-day moving averages. In one year, the stock has increased by 40.23 percent, and it has increased by 23.83 percent since the beginning of this year.
On the BSE, UCO Bank’s stock rose 4.64 percent to Rs 11.50, up from a previous close of Rs 10.99. In the last two days, the stock has risen 3.47 percent. The stock of UCO Bank is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
The government has infused money in Indian Overseas Bank, Bank Of India, Central Bank Of India, and UCO Bank, according to separate filings to stock exchanges.
In the filing, Indian Overseas Bank said, “We wish to inform that the bank has earned a capital infusion of Rs 4,100 crore from the Government of India towards contribution of the Central Government in the preferential allotment of equity shares of the bank during the financial year 2020-21, as government’s investment.”
The government infused capital of Rs 3,000 crore into Bank of India, while the Central Bank of India received Rs 4,800 crore from the government. On March 31, 2021, UCO Bank earned Rs 2,600 crore in capital, according to the bank.
