PSU banking stocks witness strong buying. The Nifty PSU index surges 4.2 per cent on the back of buying in Canara Bank (up 9 per cent), Punjab National Bank (up 7.2 per cent), Union Bank of India (up 5 per cent), Oriental Bank of Commerce (up 4.3 per cent), Andhra Bank (up 4.13 per cent) and State Bank of India (up 3.7 per cent).
Shares of Oil India rose nearly 4 per cent today even as the company’s standalone net profit dropped 33.47 per cent in the quarter ended June 30, 2016.
The stock after a positive opening further gained 3.27 per cent to Rs 402 on BSE. At NSE, shares of the company rose 3.72 per cent to Rs 402.
Mining and metal conglomerate Vedanta Resources on Tuesday said its shareholders have approved the merger of its group firms Vedanta Limited and Cairn India. London-listed Vedanta Resources, controlled by billionaire Anil Agarwal, is the parent of Vedanta Limited.
A merger between Vedanta Limited and Cairn India would create a metal and energy behemoth, with activities spanning from oil to metals.
