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Privatisation hope lifts Nifty PSB index 5%; BoI, IOB gain 40% in 2 days

Public sector banks were ruling higher for the second day in a row as investor sentiment remained buoyant amid privatisation buzz. The Nifty PSU Bank index defied market gravity and surged 5.6 per cent to hit an intra-day high of 2,446 on the National Stock Exchange (NSE) as against a 0.6 per cent drop in the Nifty50 index.
On Tuesday, a Reuters report suggested that the government has shortlisted four mid-sized state-run banks -- Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India -- for privatisation.
"Two of those banks will be selected for sale in the FY22 which begins in April. The government, however, will continue to hold a majority stake in India's largest lender State Bank of India, which is seen as a 'strategic bank' for implementing initiatives such as expanding rural credit," the report said.

Baroda , Gujarat , India , Canara , Karnataka , Nirmala-sitharaman , Indian-overseas-bank , Punjab-national-bank , Central-bank , Canara-bank , Reuters , Jk-bank

Following Budget Announcement, Govt Shortlists Four Public Sector Banks For Privatisation Push: Report

Govt is said to have selected Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India.

India , Nirmala-sitharaman , Indian-overseas-bank , Central-bank , Union-budget , Finance-minister-nirmala-sitharaman , Privatisation , Psbs , Bank-of-maharashtra , Psb-privatisation , இந்தியா , இந்தியன்-ஓவர்‌ஸீஸ்-வங்கி

Analysis | PSB Privatisation: Will There Be Takers For NPA-ridden Government Banks?

Most of the mid-sized government banks have high bad loans on the books, making it a risky bet for potential acquirers. But building a bad bank can change the scenario.

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PSBs: Bank of Maharashtra, three other PSBs rally up to 20% on hopes of privatisation

The four banks on the shortlist are Bank of Maharashtra , Bank of India, Indian Overseas Bank and the Central Bank of India, two officials told Reuters on condition of anonymity as the matter is not yet public.

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PSBs jump on privatisation buzz; Bank of Maharashtra, IOB hit upper circuit

Read more about PSBs jump on privatisation buzz; Bank of Maharashtra, IOB hit upper circuit on Business Standard. In February so far (till Monday), the Nifty PSU Bank index has rallied 16.4 per cent as compared to a 7.2 per cent gain in the benchmark Nifty50

Baroda , Gujarat , India , Nirmala-sitharaman , Indian-overseas-bank , Jk-bank , Indian-bank , Central-bank , Punjab-national-bank , Reuters , Union-bank , State-bank

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PSU Bank index up 31% in 1 wk on strong SBI Q3 results, privatization hope

Shares of public sector banks (PSBs) were on a roll on Friday with the Nifty PSU Bank index surging 8 per cent, hitting a fresh 52-week high on the National Stock Exchange (NSE) after sector giant State Bank of India (SBI) reported a solid set of numbers for the quarter ended December 2020 (Q3FY21). Besides, the government's proposal to privatize two PSU banks in the financial year 2021-22 (FY22) also fuelled rally in these stocks.
At 09:30 am, Nifty PSU Bank index, the top gainer among sector indices, was up 8.5 per cent, as compared to a 0.69 rise in the Nifty50 index, while Nifty Bank and Nifty Private Bank indices were up 3 per cent and 1.6 per cent, respectively.

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PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021

Markets have been on fire after Finance Minister Nirmala Sitharaman presented Budget proposals for fiscal 2021-22 (FY22) with the S&P BSE Sensex surging over 3,300 points in just two sessions. Most brokerages have given a thumbs-up to the proposals, calling them ‘pro-growth’ that will entail a capex-driven revival of Covid-19 impacted Indian economy, even though fiscal deficit and the borrowing programme of the government for the next financial year came in a tad higher-than-expectation.
Divestment of select public sector banks (PSBs) and one general insurance company, initial public offer (IPO) of Life Insurance Corporation (LIC), Air India, tax rationalisation of dividends of foreign portfolio investors (FPIs) and bringing them at par with treaty rates coupled with no new taxes for investment in capital markets are some of the proposals that have propped up markets.

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Banking Central | What Is The Biggest Budget Gift FM Niramala Sitharaman Can Offer To PSBs?

Whether the government should keep PSBs alive on life support or exit from the ownership of these banks is the critical question at this stage.

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