Friday, March 16, 2012

Banking index extends gains after budget proposal

NEW DELHI: Indian banking index extended gains to more than 2 per cent after the finance minister Pranab Mukherjee said the government will provide nearly 160 billion rupees capital infusion in state-run banks in fiscal year 2013 that starts in April.

Finance minister Pranab Mukherjee presented Union Budget for 2012-13 on Friday.

Shares of State Bank of India, Bank of India , Canara Bank and Punjab National Bank were up 1-3 per cent. State Bank of India, the country's largest, alone needs $3 billion per year to grow and maintain its capital base at above 8 per cent.

No comments:

Post a Comment

Thank you for your comment