PSU bank surge: Centre to sell stakes in 5 state-run banks amid privatisation push

PSU Bank Share News: Big news in the stock market. Five government banks' stocks have made significant jumps.

PSU bank surge

If you own shares in these 5 govt banks, seize the opportunity. Then you too can seize the opportunity.

Good performance seen in bank shares

According to media reports, there's good news for these bank shares. That's why there's been this huge increase in PSU Bank Stocks.

On Tuesday, PSB share prices rose by almost 4%

Indian Overseas Bank share price increased by 4% to Rs 38.99. Also, Central Bank of India share price rose by 2.68% to Rs 39.00.

UCO Bank and Bank of Maharashtra share price

UCO Bank share price increased by 2.7% to Rs 32.14. Bank of Maharashtra share price increased by 2.8% to Rs 56.15.

Punjab and Sind Bank share price

Punjab & Sind Bank share price rose by 3.4% to Rs 32.30. According to reports, the government wants to expedite the process of selling its shares in these banks.

Merchant bankers will be appointed soon

The government has set a target to sell up to 20% of its shares in five PSU banks through QIP and OFS within the next 6 months.

In which banks will the government reduce its stake?

The list includes UCO Bank, Bank of Maharashtra, Indian Overseas Bank, Central Bank of India, and Punjab and Sind Bank.

Govt holds over 80% stake in these banks

The funds generated will be used to meet the capital and operational needs of the respective banks.

PSU bank share surge impacts PSU bank index

It opened slightly higher at 6,969.60 points compared to the previous close of 6,952.

It rose 1.05% during trading, reaching its intraday high.

Except for Canara and Union Bank, all Nifty PSU Bank indices traded in the green zone.

Disclaimer: Investing in the market is risky. Consult experts before investing.