NBFC Shares Rise as Loksabha Passes Banking Bill

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December 19, 2012 3:47 PM EST

Shares in non-financial banking companies such as Shriram Transport Finance gained on Wednesday a day after a banking bill laying the groundwork for the issuance of new bank licenses was approved by parliament.

The bill also seeks to draw foreign investment to the banking sector by increasing shareholders' voting rights.

Banking shares gained, with State Bank of India up 1 percent, while Bank of India (BOI.NS) gained 1.3 percent.

Shriram Transport Finance Co Ltd (SRTR.NS) rose 2.2 percent, while Mahindra & Mahindra Financial Services (MMFS.NS) added 1.9 percent.

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Copyright 2012 Thomson Reuters. All rights reserved.

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