The Central Bank’s stock gained more than 16 percent today.
The central government has set a target of raising Rs 1.75 lakh crore under the disinvestment plan in the current financial year. In this episode, Central Bank of India (CBI) and Indian Overseas Bank (IOB) have been shortlisted for disinvestment. Since then, there has been tremendous buying in the shares of both the public sector banks.
New Delhi. Shares of the public sector Central Bank of India (Central Bank of India Shares) and Indian Overseas Bank (IOB Shares) registered a good rise on Tuesday after the reports of shortlisting for disinvestment came out. Shares of both the public sector banks reached a 52-week high. The central government has shortlisted these two banks under the disinvestment plan. Due to this, a large number of purchases were made in their shares. Shares of Indian Overseas Bank rose 18.4 per cent to hit a 52-week high of Rs 27.95.
The share of the Central Bank recorded a jump of 16.4 percent
On Tuesday, 22 June 2021, the share of Central Bank of India registered a jump of 16.4 percent. It touched a 52-week high with a gain of Rs 28.30. According to the report, 51 percent stake can be sold in the first phase of disinvestment in these two banks. The government can amend the Banking Regulation Act and the Banking Law Act during the monsoon session of Parliament for the privatization of these two banks. Finance Minister Nirmala Sitharaman had announced the privatization of two public sector banks in this year’s budget.
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NITI Aayog has recently submitted a report to the Core Group of Secretaries on disinvestment. Both these banks have been included in this. Explain that NITI Aayog has been given the responsibility of suggesting those government companies which are to be merged or privatized or to be made a subsidiary of other government companies. In this financial year, the government has set a target of raising Rs 1.75 lakh crore from disinvestment. The government plans to sell stake in Air India, Bharat Petroleum Corporation (BPCL), Shipping Corporation and a few other companies. Experts say that the trend of rising in the shares of both the banks may continue.