INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Most PSU bank stocks were trading with gains during morning trade on Tuesday, buoyed by report that the government is likely to
go for capital infusion in state-run banks.
ET reported, quoting a senior finance ministry official, that the government may infuse about Rs
8,000 crore in five or six state-run banks that are likely to fall short of regulatory capital requirements, a senior finance ministry
These banks may include Nirav Modi scam-hit Punjab National Bank
The Nifty PSU Bank index was trading 0.84 per cent up at 2,718 around 09:50 am
Oriental Bank of Commerce (OBC) (up 2.08 per cent) was the top gainer in the PSU bank index, followed by Canara Bank (up 1.93 per cent),
Allahabad Bank (up 1.89 per cent), Union Bank of India (up 1.75 per cent) and Punjab National Bank (PNB) (up 1.69 per cent).
Bank of Baroda
(up 1.59 per cent), Bank of India (up 1.16 per cent), Indian Bank (up 1.13 per cent), Syndicate Bank (up 1.06 per cent), Andhra Bank (up
1.02 per cent) and State Bank of India (up 0.68 per cent) also found themselves among the gainers.
IDBI Bank (down 0.35 per cent) was the
only stock that was in the green in the index around that time.
On Monday, the board of LIC approved the proposal to acquire a majority
Benchmark indices opened on a positive note as investors cheered a sharp drop in crude oil prices overseas
This is in the backdrop of a trim in India's growth forecast by IMF by 10 basis points to 7.3 per cent for the current year, citing
higher crude prices and faster-than-anticipated monetary tightening
The NSE Nifty50 index was up 40 points at 10,977, while the BSE Sensex was up 97 points at 36,420.
Among the 50 stocks in the Nifty index,
39 were trading in the green, while 11 were in the red
HPCL, Indian Oil Corporation, BPCL and GAIL were leading the pack of Nifty gainers
