Shares of the public sector lender Central Bank of India hit a new 52-week high of Rs 41.8 apiece on Wednesday amid an ongoing rally among the PSU banks.
The stock gained for the tenth straight session, the longest winning streak for the bank in close to eight years. The last instance of the shares gaining for ten straight days was back in January 2015.
Central Bank's shares have gained 62 percent over the last ten trading sessions.
The lender exited the PCA framework of the Reserve Bank of India in the September quarter, after demonstrating sustained performance under all the parameters during the last 5 quarters.
On a year-to-date basis, the stock has gained 87 percent, in-line with most of its peers, which have doubled, or more than doubled this year.
PSU Banks have received a slew of analyst upgrades over the last week. The primary reason behind the breathtaking rally in these stocks is the steady fall in gross non-performing assets (NPAs) on their balance sheets.
Central Bank of India is a public sector bank with the Government of India holding 93.08 percent stake in the bank.
Shares of Central Bank of India ended 0.38 percent higher at Rs 39.75.
