Why PSU Stocks surging ?
The combined annual profit of 55 PSU (part of benchmark BSE PSU Index) was recorded at 3.5 lkh crs which is 7% higher than Rs 3.3 lkh crs recorded in FY22.
However, these PSUs have posted 157% jump in combined profit from Rs 1.36 lkh crs recorded in FY19.
PSU Banks made a record profit of ₹1 lakh crore in FY23 & have hit Rs 0.98 lkh cr in 9MFY24 and will hit a profit of ₹1.3 lakh crore in FY24,' says Vivek Joshi, Secretary, Department of Financial Services.
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