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Select PSU bank stocks gained in Friday's trade as the government has put in place the legal provisions to disallow wilful defaulters and unscrupulous entities from bidding for stressed assets with President Ram Nath Kovind on Thursday approving an Ordinance to amend the Insolvency and Bankruptcy Code.
The Union Cabinet had on Wednesday approved the promulgation of the Ordinance. A Bill to replace the Ordinance is expected to be tabled in Parliament in the Winter Session.
Syndicate Bank shares were up 3.18% at Rs 94, Oriental Bank (+1.74% at Rs 131.55), Andhra Bank (+1.31% at Rs 65.60), Indian Bank (+0.01% at Rs 411.55) and Union Bank (+0.24% at Rs 167.20). However, PNB was down 0.29% at Rs 185.95, Bank of Baroda (-0.73% at Rs 176.80) and State Bank of India (-0.85% at Rs 332.10).
Finance Minister Arun Jaitley, who made the announcement after the Cabinet meeting on Wednesday, declined to provide details. But sources said the proposed Ordinance is expected to streamline the selection of buyers and stop wilful defaulters from buying back stressed assets they previously owned.
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