Indian Bank, Reliance Communications, Union Bank of India and Adani Enterprises are among the other gainers.
Bank stocks dominated the gainers in the BSE's 'A' group shares ahead of the Reserve Bank of India's (RBI) mid-quarter policy review tomorrow, 20 September 2013. The RBI will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures. The RBI will release Mid-Quarter Review of Monetary Policy 2013-14 at 11:00 IST tomorrow, 20 September 2013. This will be followed by Governor Raghuram Rajan addressing the media in the afternoon on that day.
Yes Bank surged 22.54% to Rs 386.80. The stock topped the gainers in the BSE's 'A' group. The bank early this week said it successfully closed equivalent to $255 million by way of dual currency, multi-tenor syndicated loan facility which will be utilized for general corporate purposes and trade finance. The facility has a maturity of 1 and 2 years with majority commitments coming in the 2 year tenure bucket. The loan has been widely distributed with commitments from 11 banks representing 8 countries across US, Europe, Middle East and Australia, Yes Bank said.
The recent RBI guidelines on offering swap facility to banks for the foreign currency borrowings at 100 basis points below the market rate will further make the landed rupee cost of these funds extremely competitive vis-vis rupee funds of equivalent maturity, Yes Bank said.
Indian Bank spurted 12.41% to Rs 82.40. The stock was second biggest gainer in 'A' group.
Anil Dhirubhai Ambani-controlled Reliance Communications (RCom) galloped 12.22% to Rs 160.75. The stock was third biggest gainer in 'A' group.
Union Bank of India jumped 10.03% to Rs 139.35. The stock was fourth biggest gainer in 'A' group.
Commodity trading company Adani Enterprises climbed 9.97% to Rs 148.95. The stock was fifth biggest gainer in 'A' group. A block deal of 42.6 lakh shares was executed in the counter on BSE at Rs 140.75 per share at 12:38 IST
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