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BUZZ-Dena Bank surges on report of India govt plan to merge it with stronger lender
June 14, 2017 / 9:38 AM / 2 months ago

BUZZ-Dena Bank surges on report of India govt plan to merge it with stronger lender

** Dena Bank climbs as much as 15 pct to 38.40 rupees, posting its biggest intraday pct gain since Nov 2016

** Indian govt is looking to merge Dena with a stronger lender, local media, including news agency NewsRise Financial reported, citing a government official

** Merger would be part of efforts to engineer at least one merger between state-run lenders, official is quoted as saying

** Bank of Baroda Ltd and Canara Bank Ltd among the top contenders to absorb smaller state-run lenders, official tells local media

** On June 2, RBI initiated prompt corrective action (PCA) for Dena Bank in view of high net NPA and negative RoA

** Dena Bank has posted losses in five out of the last six quarters; its bad loans reached 16.27 pct of total loans as on March 31, 2017

** Nifty PSU Bank Index rises as much as 1.4 pct, while shares in Bank of Baroda and Canara Bank up as much as 3.1 pct and 2.1 pct respectively

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