The finance ministry on Tuesday announced a Rs2.11 trillion bank recapitalisation plan for state-owned lenders. Photo: APMumbai: Indian markets on Wednesday surged led by public sector banks after the government announced pumping of nearly Rs2.11 trillion in state-owned banks. At 9.19am, 30-share Sensex index rose 1% or 315.58 points to 32,922.92, while 50-share Nifty index gained 1% or 96.50 points to 10,304.20 points. However, investors booked profit in private sector banks. “Proposed injection of Rs2.11 trillion as recap bonds in capital-starved public sector banks will act as a force multiplier for their growth needs.

Source: Mint October 25, 2017 04:41 UTC