Indices extend losses, Sensex falls 600 pts, Nifty near 11,600; ONGC, Hero top losers

The proposed Rs 70,000-crore capital infusion into public sector banks (PSBs) will provide a timely booster to these lenders, S&P Global Ratings has said.

The move, announced in the Budget, is likely to be credit positive for the banking sector and the economy, S&P said in a note titled 'India's Budget attempts to address the trust deficit in the financial sector.

Global brokerage house Credit Suisse has an overweight call on IndusInd Bank with a target price at Rs 1,800.PSU banking major Punjab National Bank fell over 9 percent intraday after it detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI).

Ingrid has completed the acquisition of two power transmissions assets from Sterlite Power for an enterprise value of Rs 5,025 crore, the company said in a release. Asset acquisition will boost IndiGrid’s AUM to about Rs 10,660 crore.

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