For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

This Is Why Bank Stocks Surged In Friday's Session

|

Bank stocks in intra-day trade were on a rallying spree with some of the names such as SBI, PNB, Canara Bank surging upto 7%. Even private sector lenders including ICICI Bank and HDFC Bank recorded hike in market price. Corporation Bank surged as much as 12% in intra-day trade.

This Is Why Bank Stocks Surged In Friday's Session
 

The gains in the banking index and stocks come as the Supreme Court has overruled NCLT order in the Essar Steel insolvency case that operational creditors be treated at par with financial creditors.

Soon after the pronouncement of the verdict, the SBI with heavy exposure to Essar Steel rallied a much as 5%. Also, ICICI Bank with an exposure of more than Rs. 2500 crore, surged 2% in trade today.

Other banking stocks that gained after the verdict are stocks such as Bank of India and IDBI.

Earlier, the CoC had filed a case against the ruling of NCLAT which stated that should recover more than operation creditors in the bankruptcy resolution process.

After the verdict, Arcelor Mittal may acquire the bankrupt company.

GoodReturns.in

Story first published: Friday, November 15, 2019, 12:51 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more