Shares of banking license applicants rally

Written by fe Bureau | Mumbai | Updated: Apr 2 2014, 19:07pm hrs
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.

*Check Live Updates: BSE Sensex

"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.

*Stocks: Top Gainers/Top Losers