Bank stocks up on buzz sops in budget

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NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
OVER 7% GROWTH ACHIEVABLE IN FY'11
TO EXPLORE STIMULUS EXIT MODE NOW; WINDING DOWN STIMULUS TO CUT DEFICIT
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
ROAD DEFICIT REMAINS THE GREATEST PROBLEM IN INFRASTRUCTURE IN INDIA
INDIA MAY TAKE TWO YEARS TO GET BACK TO 9% GROWTH
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
DOW JONES UP 0.17%, NASDAQ UP 0.34%, S&P 500 UP 0.25%
IN TALKS TO BUY CONTROLLING STAKE IN SUNIL HITECH: NW
E&Y ADVISORS FOR THE SUNIL HITECH BUY: NW
INDIABULLS OPEN OFFER LIKELY TO SUNIL HITECH SHAREHOLDERS: NW
BHARTI HAS NOT SCALED DOWN ITS RETAIL PLANS
HOPES INDIA 3G AUCTION HAPPENS EARLY
WORRIED ABOUT DELAY IN AUCTION OF 3G SPECTRUM
AIM TO HAVE 2 LARGE MILLS WITH 100 MT CAPACITY; TO CLOSE SMALLER ONES
10 LARGEST STEEL MILLS TO ACCOUNT FOR 75% OF STEEL OUTPUT
TO MERGE STEEL MAKERS TO CREATE RIVALS FOR ARCELORMITTAL

Updated: 03/07/2009 | 12:00 AM IST

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Friday, July 03, 2009 (New Delhi)

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At 15:16 IST, the BSE Bankex was up 2.21% at 8461.11. It outperformed the Sensex, which was up 1.75% at 14,915.58.

Punjab National Bank (up 3.75%), Union Bank of India (up 3.22%), Allahabad Bank (up 2.83%), ICICI Bank (up 2.73%), State Bank of India (up 2.73%), Oriental Bank of Commerce (up 2.76%), Axis Bank (up 2.12%), HDFC Bank (up 0.85%), and Kotak Mahindra Bank (up 0.20%), rose.

The BSE Bankex outperformed the market over the past one month till 2 July 2009, rising 1.41% as compared to the Sensex's 1.45% decline. It had also outperformed the market in the past one quarter, spurting 71.66% as against the Sensex rise of 41.64%.

Finance Minister Pranab Mukherjee will present the Union budget on 6 July 2009.

A tax relief on infrastructure lending will enable banks to lend more to the sector. This relief was withdrawn by the government in 2007.

Bankers have also sought rebate for long-term deposits, which are necessary for infrastructure funding.

Banks are also seeking reduction of lock-in period of deposits that attract tax deduction, to three years from five years now. This will help bring it at par with equity-linked savings schemes that get tax deduction for three-year lock-in period.

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