Indian state-run banks rise on Reuters report of government's minority stake sale plan

Central Bank of India

19/11/2024 05:39

** Shares of Central Bank of India  CBI.NS , Indian Overseas
Bank  IOBK.NS , UCO Bank  UCBK.NS , and Punjab and Sind Bank
 PUNA.NS  extend gains, up between 2.8%-3.6%
    ** The four banks are among top gainers on the Nifty PSU
Bank index  .NIFTYPSU , which is up 1.6% amid a broad uptick in
the country's equity market  .BO 
** The Indian government is considering selling minority stakes
in the four state-run banks to comply with public shareholding
norms mandated by the country's markets regulator, a government
source told Reuters
    ** The stocks were up between 2.5% and 3.5% ahead of the
report
    ** Indian government owns at least over 93% stake in all
four banks as of Sept. end, according to the BSE
    ** Nifty PSU index up 16% so far this year vs a 9.2% gain in
Nifty 50 index  .NSEI 
     

(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; +91 8078332441))