Recapitalization announcement boosts banking stocks
DSIJ Intelligence / 25 Oct 2017
Both PSB Banks and private banks unanimously cheered Finance Minister Arun Jailtey's recapitalization announcement.
Early trade on Wednesday saw Nifty Bank index shoot up by 579.20 points or 2.39%. Majorly contributing to the gain was SBI Bank, which was trading up by 18.88% at Rs. 302.50 per share.
Both PSB Banks and private banks unanimously cheered Finance Minister Jailtey's recapitalization announcement made on Tuesday. The highlights of the announcement was a reiteration of government's commitment to the strengthening of Public Sector Banks (PSB) and Rs. 2,11,000 crore upfront bank recapitalization to ease out legacy NPA issues. In return, the government has asked banks to help out MSME's fuel growth and increase jobs.
Leading the pack of the bank stock was PNB Bank which was trading at Rs. 180.40 per share, up by a whopping 30.54%. Following closely was Bank of Baroda at Rs. 178.90 per share, up by 24.97%. Canara Bank was at Rs. 373.90 per share, up 17.91% and ICICI Bank was trading at Rs. 290.40 per share, up by 8.95%, at 9:23 IST on Wednesday.
Axis Bank, IDFC Bank and Federal Bank were also trading in the green zone, while Yes Bank, IndusInd, HDFC Bank and Kotak Bank were in the red.
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