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Capital Infusion Augurs Well For PSU Banks: Shares Rally

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Shares in PSU Banks saw a rally in trade on hopes that recent comments by Finance minister Arun Jaitley would lead to fresh capital infusion in some of these banks.

 

Capital Infusion Augurs Well For PSU Banks: Shares Rally
Union Bank of India: Quotes, News
BSE 37.40BSE Quote0.15 (0.40%)
NSE 37.40NSE Quote0.15 (0.40%)
Punjab National Bank: Quotes, News
BSE 36.85BSE Quote0.25 (-0.68%)
NSE 36.80NSE Quote0.3 (-0.82%)
Last week Jaitley had said, "There was a strong case that the banks have made and therefore, I do believe that it's a case which merits the government seriously looking into it," Mr Jaitley told a news conference after a meeting with bankers.

This was largely to do with fresh capital infusion.

Shares in IDBI Bank rallied 3 per cent, while shares in Union Bank were up almost 2 per cent. Other notable winners from the space were PNB and State Bank of India.

Several of the PSB stocks have been hitting lows with Oriental Bank, Canara Bank and Punjab National Bank falling to recent lows.

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