PSU stocks’ rally continues: RITES, Indian Bank, IREDA and 9 others surge up to 13%; check full list

Stocks of India’s state-owned companies maintained their upward trajectory for the second straight trading session today. The BSE PSU index, reflecting the performance of public sector enterprises, surged by 1.2% to reach 16,698 points. Notably, it rebounded from the previous day's low of 15,838, marking a 5.2% recovery.

12 PSU stocks surged between 4% and 13% in today's trade, and among these, RITES emerged as the top performer, with its shares surging nearly 13% in intraday trade to ₹652 apiece. On Saturday, the company announced it was being declared the top bidder for a project management consultancy contract worth ₹414 crore.

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Likewise, NLC India witnessed another 8.40% jump in its shares during today's trade, reaching ₹248 apiece, building on a 2% rise in the previous trading session. Meanwhile, Indian Bank shares touched a new all-time high at ₹479 apiece, gaining 8.50%.

This uptick in shares was in response to the bank's strong performance in Q3. The bank reported a 52% improvement in net profit at ₹2,119 crore. The bank attributed this growth to an increase in core income and a reduction in bad loans.

The net interest income of the bank rose to ₹14,198 crore, up from ₹11,834 crore in the quarter that ended December 2022. Provisions for bad loans also saw a decline, dropping to ₹906 crore from ₹1,474 crore a year ago.

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The recent entrant, Indian Renewable Energy Development Agency (IREDA), saw its shares hit a fresh lifetime high of ₹169.80 apiece by locking in the 5% upper circuit limit. The stock made its entry on Indian exchanges on November 29, listing at ₹60 apiece against its issue price of ₹32.

In less than two weeks post listing, the stock experienced a remarkable 105.33% surge. With the current market price standing at ₹169.80 apiece, it is trading 430% higher than its IPO price.

In addition, other stocks like NBCC (India), NMDC Steel, SJVN, and Mishra Dhatu Nigam are currently trading with gains of over 5%.

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Railway PSUs bounced back strongly in today's trade following a sharp fall in Tuesday's trading session amid profit booking. RailTel Corporation of India witnessed an 11.2% surge in its share value in today's trade, reaching an intraday high of ₹442 apiece. Ircon International also experienced a 4.6% jump in today's intraday trade, while shares of IRFC, and Rail Vikas Nigam are trading with gains of over 4%.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.