Union Budget 2010: NBFCs gain momentum on new banking licenses proposal

MUMBAI: Non banking financial companies were in demand on Friday in reaction to Finance Minister Pranab Mukherjee's proposal in his Budget speech that new banking licenses would be extended to private banks and NBFCs.

Following the announcement, shares of IDFC surged 5.34 per cent to Rs 160.90, IFCI climbed 7.81 per cent to Rs 51.10 and Reliance Capital advanced 5.72 per cent to Rs 769.35 and Max India rose 4.74 per cent to Rs 203.40.