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Home > Business > PTI > Report

BSE to launch 'Bankex' from June 16

June 14, 2003 15:04 IST

With bank scrips getting into the limelight, the Stock Exchange, Mumbai has decided to launch a new index, Bankex, consisting 12 stocks including SBI, ICICI Bank, HDFC Bank and Bank of Baroda from Monday.

Since bank stocks are emerging as a major segment in the equity market, the bourse has designed an index, computed on free float methodology, with base date as on January 1, 2002, BSE said in a media release in Mumbai on Saturday.

The index would consist of 12 stocks which represent 90 per cent of the total market capitalisation of all bank shares listed on the exchange, the release said.

Between January 1, 2002 and June 13, 2003, the total market capitalisation of Bankex stocks more than doubled from Rs 22,970 crore (Rs 229.70 billion) to Rs 55,283 crore (Rs 552.83 billion), it said.

The stocks in the index are Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Corporation Bank, HDFC Bank, ICICI Bank, ING Vysya Bank, Oriental Bank of Commerce, Punjab National Bank, SBI and Union Bank of India Ltd.

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