November 22, 2017 / 8:44 AM / 7 months ago

BUZZ-India's state-owned banks jump on reports of bankruptcy code amendment

** Shares of India’s top state-owned lenders surge: State Bank of India up as much as 2.7 pct to 339.6 rupees, Punjab National Bank up as much as 3.5 pct to 192.9 rupees

** The central cabinet approves amendment to the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, media report, citing unnamed sources

** Preventing wilful defaulters from bidding for stressed assets will help banks get better prices for the assets and will move the pending cases faster - A K Prabhakar, head of Research, IDBI Capital

** NSE’s Nifty PSU Bank index rose as much as 2.4 pct, its biggest intraday pct gain since Nov. 17

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