Banking stocks: Bank of India, Central Bank, Indian Overseas Bank and Bank of Maharashtra shares rose 20%, know the reason
In Budget 2021, the central government announced that it would privatize 4 state-owned banks to raise revenue. However, which banks will be privatized, the government has not yet disclosed the names of those banks. But according to media reports, among the 4 PSU banks shortlisted by the Central Government for privatization, Bank of Maharashtra, Bank of India, Bank of India-BOI, Indian Overseas Bank And the Central Bank of India. Due to this news, there is a 20% jump in the stocks of these four banks due to the expectation of privatization.
The stock of Bank of Maharashtra rose 19.81% in the stock market today. Its shares opened at Rs 18.30 per share this morning and rose to Rs 19.05 in just a few minutes. Its stocks used an upper circuit of 20%. At the same time, Bank of India stock rose 19.97% today and its share price reached Rs 70.60, which had closed at Rs 58.80 in the previous session.
Upper circuit of 20%
Similarly, today, the Indian Overseas Bank and Central Bank of India stocks also saw an upper circuit of 20%. Shares of Indian Overseas Bank gained 19.63% to close at Rs 13.10. Whereas in the previous session its share price was Rs 11. Apart from this, stocks of Central Bank of India also rose by 19.71% today and rose to Rs 16.70, closing at Rs 14.05 yesterday. While the Nifty 50 closed in the red mark with a slight decline today, the Nifty Bank also closed 207.85 points down at 37,098.40 points today.
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