Is the worst behind for state-owned banks?
Some brokerages upgrade targets for SBI, PNB, BOB, among others, after run-up in their stock prices
After the March quarter results, analysts increased their caution on the entire banking pack. But the scepticism around state-owned (SOE) banks was way higher given the elevated concerns on asset quality.
While a few analysts termed the March quarter performance as signs of bottoming particularly for SOE banks as they had recognised a bulk of pain that quarter, June quarter performance appears to reiterate the same. In fact, stocks of State Bank of India (SBI), Bank of Baroda (BOB), Union Bank and Canara Bank have returned 10-14 per cent gains in August, outperforming the BSE Sensex returns ...
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First Published: Thu, September 01 2016. 21:34 IST