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Business News/ Market / Stock-market-news/  PSU banks surge on reports of holding company for state-run lenders
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PSU banks surge on reports of holding company for state-run lenders

SBI rose 3.48%, IDBI Bank 5.35%, Bank of Baroda 2.9%, Canara Bank 5.59% and United Bank of India 2.96%

The government is “seriously” working on creating holding company that will be repository of government equity in all state-run banks, Bloomberg quoted an official as saying. Photo: Pradeep Gaur/MintPremium
The government is “seriously” working on creating holding company that will be repository of government equity in all state-run banks, Bloomberg quoted an official as saying. Photo: Pradeep Gaur/Mint

Mumbai: Shares of state-run banks jumped on Monday after Bloomberg reported, citing people it didn’t name, that the government is working on creating a holding company for public sector banks that will be a repository of its stakes in all state-run banks. Creation of such a holding company, if it happens, will help state-owned banks raise capital.

State Bank of India rose 3.48% to 2,630.45, IDBI Bank Ltd was up 5.35% to 98.45, Bank of Baroda up 2.9% to 867.9, Canara Bank up 5.59% to 438.35 and United Bank of India was trading up 2.96% at 48.70.

Among other banks, Dena Bank was trading up 4.81% at 86.05, Indian Overseas Bank up 7.71% to 83.15, Vijaya Bank up 4.1% to 52.10, Punjab National Bank up 2.97% to 972.15, Corporation Bank up 2.78% to 364.5, UCO Bank up 3.89% to 108.15, Union Bank of India up 4.61% to 215.55, Bank of Maharashtra up 4.06% to 48.70, Bank of India up 3.46% to 319.55, Central Bank of India up 9.72% to 82.40 and Andhra Bank up 5.09% at 100.1.

The government is “seriously" working on creating holding company that will be repository of government equity in all state-run banks, Bloomberg quoted an official as saying.

The BSE Bankex was trading at 17,419.18, up 2.74%, while the benchmark equity index, Sensex, was trading at 24,615.99, up 1.65%.

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Published: 02 Jun 2014, 02:39 PM IST
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