New Delhi : Higher shares rose on Monday, with lenders being relieved in a case involving the steel company due to a surge in banking shares by the apex court last week and more support from the government for sick areas. The Supreme Court on Friday cleared the way for steelmaker ArcelorMittal SA to take over the bankrupt Essar Steel, and the verdict is a major repressor for banks, which are struggling with a $ 140 billion bad loan.
Vinod Nair, head of research, Geojit Financial Services, said, “Essar Steel’s decision is very positive for the banking sector. Banking sector results have also been better than expected.” He said that the government is taking positive measures to help the telecom sector such as the economy and sick sectors, which will boost investor confidence.
