March 27, 2018 / 5:11 AM / a year ago

BUZZ-Indian banks gain on surprise cut in govt borrowing

** Shares of banks rise on Tuesday following a surprise cut in the government’s borrowing programme for the fiscal year starting April

** Nifty PSU Bank index jumps as much as 2.2 pct, while Nifty Private Bank index gains as much as 1.2 pct

** India plans to borrow 2.88 trillion rupees ($44.46 billion) during April-September, the government said after market hours on Monday, adding it will borrow 500 billion rupees less for the full year 2018/19

** Lower borrowing number helps in trimming bond trading losses which was a big drag for banks’ performance in addition to bad loan provisioning

** IDBI Bank Ltd rises as much as 4.9 pct, while State Bank of India and Bank of Baroda Ltd are up over 1.2 pct each

** Private lenders such as Axis Bank Ltd and RBL Bank Ltd were trading over 2 pct higher

$1 = 64.7750 Indian rupees

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