Gail scripts PSU comeback story

MUMBAI: Public sector shares rebounded with a vengeance on Tuesday, moving up in tandem with the sensex. The BSE PSU index went up 7% by the close of trading even as several stocks recovered from the hammering of the past few days.
Among the big gainers were GAIL India, Hindustan Organic, Shipping Corporation, Syndicate Bank and Punjab National Bank, all of which have been falling steadily for the past one week.
GAIL India shot up 33% and closed at Rs 129, gaining Rs 3,585 crore in market cap. The stock is, however, still 15% down on its week ago price. ONGC group company, MRPL recovered 16% and closed at Rs 42. However, most other oil stocks are yet to recover from the battering of the last two sessions. Bharat Petroleum (BPCL) fell 5% and closed at Rs 322 despite the massive gain in the sensex. Hindustan Petroleum (HPCL) gained marginally, moving up 1.29% and closed at Rs 319. ONGC gained 1.5% at Rs 639 while fellow oil giant IndianOil gained 4% at Rs 351.
Among the other PSUs, Shipping Corporation of India (SCI) recovered smartly by 14% at Rs 79.50. Bharat Earth Movers (BEML) moved up 12.35% to Rs 114. Fertilisers & Chemicals Travancore (FACT) jumped 20% and closed at Rs 20.30. Among PSU banks, the major gainer was Bank of Baroda which went up 21% to Rs 169. Bank of Maharashtra which gained 14% at Rs 31.40. The State Bank of India stock went up 10% to Rs 491 and Punjab National Bank jumped 16% to close at Rs 264.