Nifty Bank rallies over 10% post Budget: Here are 5 reasons why the index is rising
Motilal Oswal picks ICICI Bank, SBI, Axis Bank, and AU Finance as top picks while ICICIdirect is positive on Axis and SBI post Budget 2021. February 02, 2021 / 01:28 PM IST
The S&P BSE Sensex rallied 5 percent on Budget Day to post its best performance in percentage terms in the last 22 years while Nifty Bank hit a record high. Privatisation of two public sector banks, PSU recapitalisation, construction of bad bank, a growth-oriented Budget are some of the factors fuelling the rally in the banking space.
The Nifty Bank has rallied by about 10 percent post Budget and majority of gains were seen in strong retail banks such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank, SBI, and IndusInd Bank.
Hon’ble Speaker,
I present the Budget for the year 2021-2022.
1. Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
2. When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
3. We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
Highlights
Budget went paperless this time.
Budget session will be held in two phases Jan 29 to Feb 15 and March 8 to April 8.
New Delhi: Finance Minister Nirmala Sitharaman, presenting the Union Budget 2021-22 in Parliament on Monday announced that the government will amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards,
Under the proposed new structure, the majority of Directors on the Board and key management persons would be resident Indians, with at least 50% of Directors being Independent Directors, and specified percentage of profits being retained as general reserve.
Stressed Asset Resolution by setting up a New Structure
Centre to set up ARC, AMC to take up stressed assets
By IANS |
Published on
Mon, Feb 1 2021 17:21 IST |
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Rs 255 cr assets of companies fraudulently availing agri loans attached .. Image Source: IANS News
New Delhi, Feb 1 : Amid concerns of rise in non-performing assets in banks due to the pandemic, the government has decided to come up with a bad bank to take over the stressed assets of the lenders.
Presenting the Union Budget for 2021-22, Finance Minister Nirmala Sitharaman said that an Asset Reconstruction Company Limited and Asset Management Company will be set up to consolidate and take over the existing stressed debt.