Indian Bank, Union Bank up; Investec starts coverage with "buy"

Indian Bank

12/07/2023 07:59

** Shares of state-owned lenders Indian Bank  INBA.NS  and
Union Bank  UNBK.NS  rise as much as 4.64% and 2.53%
respectively
    ** Uptick after global brokerage Investec initiates coverage
of the stocks with a "buy" rating, citing valuation comfort
    ** INBA, UNBK among top gainers in public sector bank index
 .NIFTYPSU , which is up 1%
    ** Tier-2 public sector banks (except State Bank of India)
to continue to benefit from rising interest rate cycle, higher
growth and stable asset quality: Investec
    ** Adds valuations of Punjab National bank, Union Bank and
Indian Bank still at a 30% discount to historical average
multiples
    ** Public sector bank index  .NIFTYPSU  top sectoral gainer
on Wednesday; Nifty 50  .NSEI  reversed early gains to trade
marginally lower ahead of inflation data
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))