India's CSB Bank jumps as SBI Funds gets nod to raise stake in lender
24/07/2020 10:52
** Shares of private-sector bank CSB CSBB.NS , majority
owned by Fairfax FFH.TO , rise as much as 7.5% to a near
six-month high of 198.65 rupees
** India's central bank gave SBI Funds Management approval
to buy up to 10% stake in CSB through schemes of SBI Mutual
Fund; SBI Funds Management already owns 4.734% stake in CSB
** CSB posts biggest intraday pct gain since June 24
** Around 700,000 shares change hands by late afternoon
trade, double the 30-day average
** Stock down ~15% this year up to last close, vs. ~29% drop
in the Nifty Private Bank Index .NIFPVTBNK and ~8% fall in
benchmark NSE Nifty 50 .NSEI
** Earlier on Friday, larger peer IndusInd Bank INBK.NS
said its board and the central bank gave U.S.-based Route One
Investment Company approval to double its stake in the lender to
10%, sending its shares up sharply urn:newsml:reuters.com:*:nL3N2EV1VS
(Reporting by Chris Thomas in Bengaluru)
((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))