Financials stocks were trading in green, with the S&P BSE Finance index increasing 135.65 points or 1.76% at 7852.14 at 09:48 IST. Among the components of the S&P BSE Finance index, State Bank of India (up 13.32%), PNB Gilts Ltd (up 11.48%),Indian Bank (up 9.73%),Bank of India (up 7.06%),Central Bank of India (up 6.18%), were the top gainers. Among the other gainers were Karnataka Bank Ltd (up 5.08%), Bank of Baroda (up 4.81%), Equitas Holdings Ltd (up 4.72%), IFCI Ltd (up 4.12%), and UCO Bank (up 4.1%). On the other hand, PTC India Financial Services Ltd (down 7.52%), Reliance Capital Ltd (down 5.32%), and Dewan Housing Finance Corporation Ltd (down 4.93%) turned lower.
Necessary action is taken in each such case, says Minister
The Employees’ Provident Fund Organisation (EPFO) has faced ₹1,163.14 crore defaults in its investments, the Labour and Employment Ministry informed the Rajya Sabha on Wednesday.
To a question by CPI MP Elamaram Kareem, Labour and Employment Minister Santosh Kumar Gangwar said the EPFO had made “investments in various bonds and other instruments following the pattern of investments notified by the government of India that have so far been beneficial to it”.
However, he said the securities belonging to the Dewan Housing Finance Corporation Ltd (₹760.69 crore), Infrastructure Leasing & Financial Services Limited (₹106.23 crore), Reliance Capital Limited (₹292.64 crore), Punjab State Industrial Development Corporation Ltd (₹2.98 crore) and Punjab Financial Corporation (₹60 lakh) “have resulted in default of certain principal amounts and interest due”.
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A strip of nails is placed at the heavily barricaded Delhi-Uttar Pradesh border, Ghazipur during the ongoing farmer protests on February 3, 2021. | Photo Credit: SANDEEP SAXENA
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“We are sure that the government is inquiring into it. We saw a statement by the Prime Minister in the media that law will take its course. We don’t want to interfere at this stage,” Chief Justice of India Sharad A. Bobde told a PIL petitioner.
Read more about Financials shares rise on Business Standard. Financials stocks were trading in the positive zone, with the S&P BSE Finance index rising 68.12 points or 1% at 6866.88 at 09:48 IST.