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Monday, October 07, 2013

Select NBFC shares gain on banking license hopes
Shares of select non-banking finance companies (NBFC) that applied for the banking licenses are trading higher by up to 4% in otherwise weak market after Finance Minister P Chidambaram said that the Reserve Bank of India (RBI) would shortly issue seven licenses.

L&T Finance Holdings, Bajaj Finserv, Magma Fincorp, LIC Housing Finance, Muthoot Finance and Srei Infrastructure Finance are up 1-4% on the Bombay Stock Exchange.

The central bank board on Friday named its former deputy governor Usha Thorat, former Securities and Exchange Board of India chairman Chandu Bhave and former ICICI Foundation chairman Nachiket Mor as members of the committee.

The RBI plans to grant license to set up seven new banks after receiving the committee's report in January 2014.

Addressing a function at the State Bank of Mysore, Chidambaram said the new banks should not try to become clones of existing banks, the Business Standard report suggests.

Among the individual stocks, L&T Finance Holdings has rallied 4% to Rs 69.55, followed by Bajaj Finserv and Magma Fincorp are up 3% each at Rs 616 and Rs 64.50 respectively, while Muthoot Finance up 2% at Rs 96.50.

Courtesy: Smart Investor