Prime Minister Narendra Modi will chair a meeting of the council of ministers on Wednesday. The discussions are expected to centre around the overall Covid-19 situation in the country and functioning of some ministries. According to media reports, a disinvestment plan might be discussed as well.
Shares of the Central Bank of India soared 14 per cent to Rs 29.65 on Wednesday. However, the lender gave up some gains to trade at Rs 28.25 at 11.10 am.
Indian Overseas Bank surged 12 per cent to Rs 29, but slipped to Rs 28 at the same time. BSE Sensex was trading 300.45 points, or 0.57 per cent, higher at 52,850.11.
According to reports, the Ministry of Finance, Prime Minister’s Office, DIPAM, NITI Aayog and related regulators may meet soon to finalize the names of lenders and an insurance company to be privatized. NITI Aayog has recommended privatisation of state-owned insurer United India Insurance Company, the report added.
Shares of Indian Overseas Bank have gained up 70 per cent in the last one month. The lender has soared 162 per cent in 2021 so far. Central Bank of India has gained 47 per cent in the last one month and 105 per cent in the first half of 2021.
The government has set a disinvestment target of Rs 1.75 lakh crore for 2021-22. This is lower than Rs 2.1 lakh crore it hoped to garner from disinvestment in 2020-21.
