M-cap of banks up by Rs 6,000 crore

Bank of Rajasthan (up 7.5pc to Rs 42.20), SBI (2.34 pc to Rs 637.65), Dena Bank (up 7 pc to Rs 34.35), Oriental Bank of Commerce (up 6pc to Rs 349.45), Union Bank (up 6.4pc to Rs 67.90), Indian Overseas Bank (up 6.2pc to Rs 72.10), Bank of Punjab (up 6.3pc to Rs 28.30), IndusInd (up 4.84pc to Rs 44.40), Allahabad Bank (up 4.4pc to Rs 36.90), Bank of India (up 3.8pc to Rs 71.95), UCO Bank (up 3.5 pc to Rs 25.90), GTB (up 3pc to Rs 21.10), Syndicate Bank (up 3pc to Rs 48.10), Canara Bank (up 3.6pc to Rs 169.20) and Andhra Bank (up 2.6pc to Rs 56.10) were some of the bank stocks that rose between April 6 and 15.

The BSE Bankex index rose to 3122.02 on April 15 from 3048.96 from April 6. The interest in banking stocks is also in anticipation that with the economy growing , banks’ credit offtake is bound to rise. In the current fiscal , many banks are targeting high credit offtake, mainly from small and medium enterprises and the agricultural sector. For the quarter ended December 2003, the sector recorded a 23pc rise in the net profit from Rs 3,594 croreto Rs 4,419 crore.