Nifty bank's journey from 20k to 25k yes bank surges 100%, all psus in red

Nifty Bank's journey from 20K to 25K: YES Bank surges 100%, all PSUs in red

STOCK MARKET - Continuing the record breaking spree, Nifty Bank settled above 25,000-mark for the first time ever on Monday. In July itself, the index outperformed frontline indices by rallying over 8% as compared to a 5.8% rise in the Nifty50 index.

The index first hit the 20,000 mark on January 23, 2015 on a closing basis. It took the index 623 sessions or 30 months to cross the next 5000 points. In this 5000-point journey, private banks contributed the most to the index while all PSU banks were negative for the period.

While YES Bank, IndusInd Bank, HDFC Bank and FEderal Bank rose between 60%-107%, Bank of Baroda, Punjab National Bank and Canara Bank lost between 19%-25% in the period.

Among individual stocks, YES Bank was the top performer, surging over 100% since Jan 23, 2015. The bank recently reported a 32% rise in its net profit (y-o-y) to Rs 965 crore, helped by 44% growth in net interest income to Rs 1,809 crore. The lender’s board also approved a 5-for-1 stock split of equity shares. It gained nearly 25% for the month of July.

IndusInd Bank, which rose 91% for the period also reported stellar earnings for the quarter ending June 2017. The bank’s net profit rose 26% to Rs 836 crore as compared with Rs 661.38 crore in the year-ago quarter on healthy interest income as the bank bucked the industry norm to grow its advances book at a fast clip.

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ARTICLE SOURCE – BUSINESS STANDARD