June 11, 2018 / 6:11 AM / 10 months ago

BUZZ-India's PSU banks gain as govt sets up panel to deal with stressed assets

** Shares of Indian state-run banks rise after the govt on Friday set up a panel of experts to explore mechanisms for resolving burgeoning bad debts plaguing the financial sector

** Nifty PSU bank index gains as much as 1.9 pct to its highest since April 10

** Fraud-hit Punjab National Bank top pct gainer on Nifty PSU bank index, rises as much as 4.7 pct to 94.70 rupees, highest in over a month

** Canara Bank up 1.5 pct while Bank of India gains 1.4 pct

** “We believe the slow IBC (Insolvency and Bankruptcy Code) process, poor power sector metrics with high levels of stress and interrupted credit flow is forcing the hand of the Govt,” Jefferies analysts write in a note, adding that banks with poor asset quality rally sharply even if for a day

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