Budget 2012-13: SBI, PNB, Andhra Bank rally on capitalisation plan

NEW DELHI: Shares of public sector banks rallied sharply on Friday, as Finance Minister Pranab Mukherjee announced capital infusion for them in the Union Budget for 2012-13.

Mukherjee said that Rs 15,888 crore will be provided for capitalisation of public sector and regional rural banks and NABARD.

At 12:00 p.m., shares of State Bank of India gained 2 per cent, Bank of India gained 3.5 per cent, Indian Bank 2.2 per cent, Syndicate Bank 2 per cent.

Andhra Bank, Bank of Maharashtra, Canara Bank, Central Bank, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank, PNB, Uco Bank, United Bank and Vijaya Bank also gained over one per cent each.

The benchmark index, Sensex, however slipped from its day’s high of 17837.13 and is now trading marginally in green. The index was trading 0.06% higher at 17,685 18 of its components trading in green.