Andhra Bank up 8%, recovers from Monday's fall

Bank of India

The bank said it was the lead bank of the consortium in case of two group companies of Sterling Group and the exposure to these companies is Rs 578.57 core (fund based) and Rs 568.35 crore (non-fund based) as on date and not as Rs 5,000 crore appeared in media reports. This recovery will substantially improve the Bank's balance sheet, Bank of India Executive Director N Damodharan told reporters here.

In the December quarter, Bank of India reported a loss of Rs2,341.20 crore, while its gross NPA was at 16.93% for the quarter against 13.38% year-on-year. Shares of Bank of India are up almost 13% at Rs 107.80 now. On the National Stock Exchange, the counter has clocked a volume of over 41.4 million shares so far in the session.

Shares of Canara Bank (up 8.42 per cent), Allahabad Bank (up 8.37 per cent), Bank of Baroda (up 8.02 per cent), Andhra Bank (up 7.65 per cent), Syndicate Bank (up 7.64 per cent), IDBI Bank (up 6.63 per cent), State Bank of India (up 3.12 per cent) were also trading with gains. On Monday, as more bad news tumbled out, the Nifty PSU Bank index hit a 19-month low.

"PSU (public sector) banks have been oversold, having been battered down so badly, so some sort of bounce was due and the CPI (data) coming in at a soft level became a trigger for the rise as it could lead to some pressure on RBI to re-look the interest rates", said Deepak Jasani, head of retail research at HDFC Securities. In the last one year, the index has lost about 9%. South Indian Bank, Axis Bank and Federal Bank are up 2.5% - 3.4%. Punjab National Bank rose 4.2 percent and Andhra Bank gained 5.9 percent.

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