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Home / Business / Central Bank and Indian Overseas Bank shares rally on bourse

Central Bank and Indian Overseas Bank shares rally on bourse

While the two counters also recorded heavy volumes, the lenders clarified to the stock exchanges that they were not aware of any privatisation move by the Centre
Representational image.

Our Special Correspondent   |   Mumbai   |   Published 25.11.21, 02:14 AM

Shares of Central Bank of India and Indian Overseas Bank (IOB) on Wednesday rallied on the bourses, notching up gains of up to 13 per cent on reports that they may be privatised.

While the two counters also recorded heavy volumes, the lenders clarified to the stock exchanges that they were not aware of any privatisation move by the Centre and that they have not received any information either from the Department of Financial Services or the government in this regard.

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The rally came after a report on CNBC TV-18 which said that both of these PSU lenders have been shortlisted by the government for divestment, though it was quick to add that the privatisation is unlikely to happen in this financial year. Finance minister Nirmala Sitharaman had in her Budget for 2021-22 said that apart from IDBI Bank, the Centre will take up privatisation of two PSU banks and a general insurance company.

On the BSE, shares of Central Bank ended sharply higher at Rs 22.70 — a rise of 10.46 per cent over the last close. During intra-day trades, it had hit a high of Rs 23.65 — a rise of over 15 per cent. More than 47 lakh shares were transacted on the exchange, which was more than the two week average of 10.20 lakh shares.

The IOB scrip settled 13.10 per cent higher at Rs 22.45 after touching a day’s high of Rs 23.80, a gain of almost 20 per cent over the previous close. Close to 53 lakh shares were transacted against the two week average of 10.66 lakh shares.



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