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Indian Overseas Bank, Bank Of India, Central Bank, UCO Bank shares rise after govt infuses Rs 14,500 cr

Indian Overseas Bank share was stuck in the upper circuit of Rs 16.75 rising 5% on BSE. The stock has risen 5.97% in two days

twitter-logoBusinessToday.In | April 1, 2021 | Updated 13:19 IST
Indian Overseas Bank, Bank Of India, Central Bank, UCO Bank shares rise after govt infuses Rs 14,500 crore
Bank Of India share touched an intraday high of Rs 72.3, rising 6.56% on BSE. The share stands higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

Shares of public sector lenders Indian Overseas Bank, Bank Of India, Central Bank of India and UCO Bank rose up to 6.5% in trade today after the government infused a Rs 14,500 crore in the four banks.

Indian Overseas Bank share was stuck in the upper circuit of Rs 16.75 rising 5% on BSE. The stock has risen 5.97% in two days. The share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 140% in one year and risen 57.18% since the beginning of this year.

Bank Of India share touched an intraday high of Rs 72.3, rising 6.56% on BSE. The share stands higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

It has zoomed 113.91% in one year and risen 42.24% since the beginning of this year.

Govt infuses Rs 14,500 crore in 4 public sector banks

Central Bank of India share rose 4.89% to Rs 17.15 on BSE. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages. The stock has gained 40.23% in one year and risen 23.83% since the beginning of this year.

UCO Bank share rose 4.64% to Rs 11.50 against previous close of Rs 10.99 on BSE. The stock has gained 3.47% in the last 2 days. UCO Bank share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In separate filings to stock exchanges, Indian Overseas Bank, Bank Of India, Central Bank of India and UCO Bank said that the government has infused capital in them.

"We wish to inform that the bank has received a capital infusion of Rs 4,100 crore from Government of India towards contribution of Central Government in the preferential allotment of equity shares of the bank during the financial year 2020-21, as government's investment," Indian Overseas Bank said in the filing.

While Bank of India said the government infused capital of Rs 3,000 crore, Central Bank of India said it received Rs 4,800 crore from the government. UCO Bank said the bank received capital of Rs 2,600 crore on March 31, 2021.

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