Shares of seven private sector banks rose 0.87% to 4.6% at 14:38 IST on BSE after the Union Cabinet today, 16 July 2015, approved introducing composite caps for simplification of foreign direct investment policy to attract foreign investments.
Meanwhile, the S&P BSE Sensex was up 249.14 points or 0.88% at 28,447.43.
Among private sector banks, Axis Bank (up 4.6%), Yes Bank (up 3.64%), Karnataka Bank (up 1.69%), IndusInd Bank (up 0.87%), and ICICI Bank (up 1.05%) edged higher.
HDFC Bank rose 1.35% at Rs 1,111.50 on reports that a prominent domestic brokerage has maintained its buy call on the stock. The stock hit a high of Rs 1,115 so far during the day, which is a record high for the counter. The brokerage reportedly said that HDFC Bank is best placed in the current environment. It further added that HDFC Bank has most granular balance sheet amongst the Indian lenders and digitalization initiatives are gaining traction.
Kotak Mahindra Bank jumped 4.12% at Rs 741.95. The government yesterday, 15 July 2015, deferred a decision on a proposal to raise the aggregate foreign investment ceiling in Kotak Mahindra Bank to 55%. The bank had sought approval from the Foreign Investment Promotion Board (FIPB) for increasing the aggregate foreign investment ceiling in the bank to 55% pursuant to a merger of ING Vysya Bank with Kotak Mahindra Bank.
The Union Cabinet, chaired by the Prime Minister Narendra Modi today, 16 July 2015, given its approval to review the existing foreign direct investment (FDI) policy on various sectors provided in the Consolidated FDI Policy Circular 2014, as amended by the Consolidated FDI Policy Circular 2015, by introducing composite caps for simplification of FDI policy to attract foreign investments.
The Cabinet in its meeting held today, 16 July 2015, approved the proposal of Department of Industrial Policy & Promotion (DIPP) to review the extant FDI policy on various sectors provided in the Consolidated FDI Policy Circular 2014, as amended by Consolidated FDI Policy Circular 2015, by introducing composite caps so that uniformity and simplicity are brought in across the sectors in FDI policy for attracting foreign investments, a government statement said.
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