PSU Bank Stocks Rose: Government bank shares are also seeing a sharp rise on 18 February.
PSU Bank Stocks Rose: Government bank shares are also seeing a sharp rise on 18 February. In today’s business, the PSU Bank Index on the Nifty has strengthened by 6 percent. Today is the third consecutive trading day when public sector banks are witnessing a fierce rally. During this period, some stocks have jumped from 56 per cent to 75 per cent. That is, in 3 days, the money in investors’ stock increased from Rs 1 lakh to Rs 175000. In fact, 3 days ago, the news agency Reuters had reported that the government has short-listed 4 government banks, including Bank of India, for privatization.
Continuous upper circuit
In the Central Bank of India too, there has been an upward trend of 20 percent on the third day. In three days, its price has gone from Rs 13.90 to Rs 24. This stock has jumped 74 percent during this period. At the same time, the Indian Overseas Bank has an upper circuit of 20 percent on Thursday for the third consecutive day. The stock rose from Rs 11 to Rs 19 in these 3 days. The stock has become expensive by 72 per cent in three days.
Bank of India had an upper circuit of 10 per cent on 18 February. In three days the price of this share has gone from Rs 58.6 to Rs 93.10. This stock has given 58 percent returns to investors in three days. Whereas, Bank of Maharashtra is up about 10 per cent today and it reached Rs 25.21. Its shares rose by 20–20 per cent on Wednesday and Tuesday. In the last three days, the bank’s stock rose from Rs 16 to Rs 25. That is, it has been growing at around 57 percent
Other PSU bank shares also shone
Since the news of privatization, apart from the 4 banks shortlisted, the brightness of other public sector banks has also increased. This boom continues on Thursday also. The Nifty PSU Bank Index has registered a strong growth of 14 per cent in the last three trading sessions. Talking about February 18, apart from these banks, Bank of Baroda is up 13 percent, Union Bank of India 12 percent, Yukon Bank 7 percent, PNB is up 5 percent. All the stocks on the index are visible in green mark.
4 Short List for Bank Privatization
According to the report of the news agency Reuters, the central government has shortlisted 4 government banks, including Bank of India, to be privatized. These include the other 3 banks Bank of Maharashtra, Indian Overseas Bank and Central Bank of India. Government sources said that the privatization of 2 banks in these 4 could happen in the next financial year i.e. 2021-22. However, the government has not yet formally made public the names of private banks. However, sources also said that in the privatization of banks, the government will take its final decision only after assessing the number of employees in the bank, pressure of trade union and its political impact.