Mumbai, June 16: With bank scrips getting into the limelight, the stock exchange, Mumbai (BSE) has launched a new index, Bankex, consisting 12 stocks including SBI, ICICI Bank, HDFC Bank and Bank of Baroda from today. 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 one, 2002, BSE said in a release here.
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 one, 2002 and June 13, 2003, the total market capitalisation of Bankex stocks more than doubled from Rs 22,970 crore to Rs 55,283 crore, it said.
The stocks in the index are Andhra Bank (total market cap- Rs 1,226 crore and free float market cap Rs 490.40 crore), Bank of Baroda (Rs 3,062.12 crore and Rs 1,224.85 crore), Bank of India (Rs 2,283.44 crore and Rs 913.38 crore), Canara Bank (Rs 3,864.25 crore and Rs 1,159.28 crore), Corp Bank (Rs 2,353.13 crore and Rs 1,176.57 crore), HDFC Bank (Rs 7,104.29 crore and Rs 5,683.43 crore).
Other stocks in index are ICICI Bank Ltd (both total and free float cap are Rs 8,732.68 crore), ING Vysya Bank (Rs 638.44 crore and Rs 319.22 crore), Oriental Bank of Commerce (Rs 2419.26 crore and Rs 967.70 crore), Punjab National Bank (Rs 3,846.89 crore and Rs 769.38 crore), SBI (Rs 18,236.26 crore and Rs 9,118.13 crore) and Union Bank of India Ltd (Rs 1,516.09 crore and Rs 606.44 crore). Bureau Report