New measures to tackle non-performing assets says Arun Jaitley

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Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after Finance Minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs). The government and the Reserve Bank of India would announce the measures in “a couple of days”, Mr Jaitley said at an event.

Moneylenders likewise got a lift from great interest for Yes Bank’s up to $750 million share deal reported on Thursday. Be that as it may, more extensive feeling stayed mindful, with the NSE Nifty ready to record its first week by week misfortune in three, withdrawing from a record high hit a week ago.

“Yes Bank’s Qualified Institutional Placement yesterday was subscribed at right around 1,500 rupees for every share and this has enhanced the feeling in the segment, bringing about a rally in bank stocks. The fund priest’s announcement on the NPAs issue too was a positive,” said Rakesh Tarway, head of research at Reliance Securities Ltd.

The broader Nifty was up 0.44 for each penny at 9,126, while the benchmark Sensex was 0.52 for every penny higher at 29,484.97.

ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 list, rising more than 2 for every penny each after Mr Jaitley’s remarks.

Yes Bank ascended as much as 1.72 per cent.

Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies.

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