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Indian banks CDS wider while the stocks are up after budget speech

|Includes:HDB, ICICI Bank Ltd. (IBN)

Indian Finance Minister Pranab Mukherjee released his new 2010-2011 budget today which among many other things promises the equivalent of US$3.58 billion (1US$=Rs.46.135) in state funds to recapitalize the public sector banks and an unspecified amount to recapitalize the regional rural banks. Indian Bank CDS are wider while their stocks are generally up in early trading today.

Disclosure: long all stocks

Stocks: IBN, HDB