NEW DELHI: The Union Budget 2016-17 presented by finance minister Arun Jaitley turned out to be positive for some sectors and negative for others.
At 1.35 PM, the BSE Sensex was trading 48 points lower at 23,202. PSU banking counter was in focus after key Budget announcements. PSU banks rallied up to 11 per cent. IDBI Bank was up 11.14 per cent at Rs 61.85. SBI climbed 3.05 per cent to Rs 160.65. Andhra Bank, Bank of Baroda, Allahabad bank and Indian Overseas Bank (IOB) rose between 1.5 per cent and 3 per cent.
Here’s what Jaitley announced in the Union Budget and its impact on PSU banks as a whole.
Recapitalisation of state-run banks: The FM in his Budget announced to spend Rs 25,000 crore towards the recapitalization of banks.
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