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PSU Banking Shares Rally On Govt Move; Bank of Baroda Up 12%
Shares in PSU Banks were seeing a phenomenal rally with Bank of Baroda seeing huge gains of 11 per cent after the government decided on a host of measures to improve the performance of public sector banks in the country.
Shares in Bank of India jumped a huge 5 per cent, while Canara Bank was up 5 per cent and Punjab National Bank was up almost 4 per cent.
Allahabad Bank, Andhra Bank, IDBI Bank, United Bank of India and UCO Bank were among the other gainers.
Last week the government announced a host of measures for Public Sector Banks that have been saddled with problems of non performing assets. Among the measures were a capital infusion of Rs 20,000 crores in the current financial year, other than appointment of seasoned professionals from the private sector to head some of these banks.
There would also be a comprehensive capital infusion of Rs 70,000 crores staggered until 2019. Analyts say the measures could spur growth in PSB and improve their overall performance. Banking shares may have some more steam left analysts say.
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