Advertisement

HindustanTimes Fri,22 Aug 2014

Financial stocks rise on bank licence hopes

HT Correspondent, Hindustan Times  Mumbai, February 25, 2013
First Published: 22:22 IST(25/2/2013) | Last Updated: 22:23 IST(25/2/2013)

Shares of financial service companies surged as much as 9% on the Bombay  Stock Exchange (BSE) on Monday following the Reserve Bank of India's announcement of new rules for applicants late on Friday.

Advertisement

While Religare Enterprises surged 9% to R294, L&T Finance Holdings jumped 5%, Srei Infrastructure Finance rose 4%, Bajaj Finserv went up by 3.4% and LIC Housing Finance jumped 3% on the BSE.

While dozens of companies are expected to apply for licences by the July 1 deadline, the banking sector regulator is expected to be very selective.

"We expect a large number of applications from most large business houses and NBFCs (non-banking finance companies). With limited licenses on offer, the screening process will assume importance," said Nischint Chawathe, analyst, Kotak Securities.


Advertisement
more from Business

Sensex up 111 points in early trade; Nifty touches new peak

The benchmark BSE Sensex rose over 111 points and the NSE Nifty soared to a new life-time high of 7,924.90 in early trade on Friday as IT, oil and gas, power and consumer durable stocks led the rally on sustained capital inflows.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved