PSU banks advance on recapitalization buzz

Shares of 17 state-run banks rose by 0.35% to 7.45% at 10:45 IST on BSE after media reports suggested that the government may infuse around Rs 40,000 crore into state-run lenders in 2019-2020.

Meanwhile, the S&P BSE Sensex was down 116.90 or 0.29% at 40,150.72.

Among PSU banks, IDBI Bank (up 7.45%), Union Bank of India (up 5.42%), Syndicate Bank (up 4.73%), Allahabad Bank (up 3.60%), Bank of India (up 3.15%), Canara Bank (up 2.63%), Bank of Baroda (up 2.51%), Punjab National Bank (up 1.89%), Andhra Bank (up 1.62%), Bank of Maharashtra (up 1.62%), Corporation Bank (up 1.41%), Central Bank(up 1.39%), Indian Bank (up 1.04%), Punjab & Sind Bank (up 0.88%), UCO Bank (up 0.85%), United Bank of India (up 0.65%) and State Bank of India (up 0.35%), advanced.

According to media reports, the government may infuse around Rs 40,000 crore into state-run lenders in 2019-2020. The move is aimed at supporting credit growth and help weaker banks maintain regulatory norms. An announcement to this effect is reportedly expected in the Union Budget on 5 July 2019.

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