State-owned banks rise on relative valuations versus private peers

Reuters
Auto rickshaws wait in front of the head office of State Bank of India (SBI) in New Delhi August 12, 2013. REUTERS/Anindito Mukherjee/Files
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Auto rickshaws wait in front of the head office of State Bank of India (SBI) in New Delhi August 12, 2013. REUTERS/Anindito Mukherjee/Files

Reuters Market Eye - Shares in state-owned banks rise on attractive valuations compared to their private sector peers, dealers say.

"Private banks are quoting at almost twice the valuation of state-owned banks," an institutional dealer said.

State Bank of India gains 1.1 percent while Bank of Baroda (NSI:BANKBARODA) is up 2.8 percent.

Among midcap state-owned banks, Union Bank of India (NSI:UNIONBANK.NS - News) gains 4 percent while Oriental Bank of Commerce (NSI:ORIENTBANK) is up 3.8 percent.

(Reporting by Abhishek Vishnoi)

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