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IOB - Indian Overseas Bank News Story

₹16.7 -1.3  -7.2%

Last Trade - 5:55am

Sector
Financials
Size
Large Cap
Market Cap £2.86bn
Enterprise Value £108.6m
Revenue £1.03bn
Position in Universe 133rd / 3106

BUZZ-Four state-run banks jump after Reuters report of possible privatisation

Tue 16th February, 2021 4:30am
** Shares of state-run Bank of India  BOI.NS , Central Bank
of India  CBI.NS , Indian Overseas Bank  IOBK.NS  and Bank of
Maharashtra  BMBK.NS  rise as much as 15%, 16.9%, 19.6% and
19.8%, respectively
    ** Reuters reported on Monday that the govt had shortlisted
the four banks for privatisation, under a new push to sell state
assets and shore up govt revenues, according to three govt
sources  urn:newsml:reuters.com:*:nL4N2KI0UA
    ** Two of the four banks will be selected for sale in the
2021/2022 financial year which begins in April, two officials
told Reuters on condition of anonymity
    ** The govt wants to overhaul the banking sector that is
saddled with non-performing assets
    ** BOI, CBI, IOBK and BMBK's Dec-qtr bad loans as a pct of
total loans, a measure of asset quality, eased from Sept qtr
    ** The Nifty PSU Bank index  .NIFTYPSU , which tracks
state-run banks, rises 3.20%, with BOI, CBI, IOBK and BMBK the
top boosts to the subindex  
    ** IOBK, CBI and BOI stock fell between 5.3% and 30.8% in
2020, while BMBK gained 1.2%

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))
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