IDFC shares rally after RBI grants it banking licence

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Updated: July 24, 2015 4:28:15 PM

IDFC shares rose over 6 per cent after RBI granted the infrastructure financing firm banking licence. The company plans to start operation from October 1.

sensex and niftyAt 12.38 pm, shares of IDFC were trading up 5.51 per cent. On NSE, the shares were trading 5.81 per cent. (Express Photo for representation only)

IDFC shares surged on Friday after RBI granted the infrastructure financing firm banking licence. The company plans to start operation from October 1.

The shares ended 2.58 per cent up on BSE. On NSE, the shares closed up 2.64 per cent.

Following the news, shares of the company jumped 6.61 per cent to Rs 163.50 at BSE.

“The RBI on July 23, 2015 has granted Banking Licence to IDFC Bank Limited for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949,” IDFC said in a stock exchange filing.

Analysts said getting banking licence is seen positive for IDFC as the company has been in the infrastructure space where things are not moving as quickly.

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