Shares of Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India remained in focus for the straight second day on February 17, rising 15-20 percent in the early trade on reports of privatisation of these banks.
The government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, three government sources said.
The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, two officials told Reuters on condition of anonymity.
Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April, the officials said. The shortlist has not previously been reported.
The government hopes that the Reserve Bank of India, the country's banking regulator, will soon ease lending restrictions on Indian Overseas Bank after an improvement in the lender's finances that could help its sale.
The Nifty PSU Bank Index gained more than 2 percent hitting fresh high of 2,397.80 led by the Bank of Maharashtra, Bank of India, Indian Overseas Bank & Central Bank of India, UCO Bank and PNB.
Bank Of India, Bank of Maharashtra and Indian Overseas Bank touched a 52-week high of Rs 83.90, Rs 22.85 and Rs 15.70 respectively.
At 09:34 hrs Bank Of India was quoting at Rs 80.95, up Rs 10.35, or 14.66 percent and At 09:35 hrs Bank of Maharashtra was quoting at Rs 22.85, up Rs 3.80, or 19.95 percent.
Indian Overseas Bank was quoting at Rs 15.55, up Rs 2.45, or 18.70 percent and Central Bank of India was quoting at Rs 19.45, up Rs 2.75, or 16.47 percent on the BSE.
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