Shares of banking license applicants rally

Apr 02 2014, 13:37 IST
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SummaryIDFC, Reliance Capital, L&T Finance, Aditya Birla Nuvo rally after EC gave go ahead to RBI with the process of issuing new bank licences.

Shares of banking license applicants rallied on Wednesday after Election Commission on Tuesday said the Reserve Bank of India (RBI) could go ahead with the process of issuing licences.

IDFC Ltd (3.29%), Reliance Capital Ltd (3.78%), L&T Finance Holdings (2.86%), Aditya Birla Nuvo (1.48%) and LIC Housing Finance (2.98%) were the major gainers on the BSE.

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"The commission has considered your request seeking guidance of the commission whether it would be appropriate for you go ahead with the announcement of in-principle approvals for banking licenses in view of the current enforcement of the model code of conduct,” the Election Commission said in a letter to the RBI.

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