 "IDBI Bank hits 52-week high")
IDBI Bank has rallied 9% to Rs 94, also its 52-week high on the National Stock Exchange (NSE) on heavy volumes. The up move comes on the back of reports that the government is in talks with the International Finance Corp. (IFC) to sell stake in the bank.
The World Bank arm that invests in private sector may pick up a 15% holding, the Economic Times report suggests quoting a senior government official.
The Prime Minister's Office is said to be keen on getting the IDBI deal done quickly and has asked the finance ministry to conclude it by December, the report adds.
At 10:00 AM, the stock was up 8% at Rs 93.40 with over two-fold jump in trading volumes. A combined 11.34 million shares have already changed hands, as compared to an average of less than five million shares that were traded daily in past two weeks on the NSE and BSE.
The World Bank arm that invests in private sector may pick up a 15% holding, the Economic Times report suggests quoting a senior government official.
The Prime Minister's Office is said to be keen on getting the IDBI deal done quickly and has asked the finance ministry to conclude it by December, the report adds.
At 10:00 AM, the stock was up 8% at Rs 93.40 with over two-fold jump in trading volumes. A combined 11.34 million shares have already changed hands, as compared to an average of less than five million shares that were traded daily in past two weeks on the NSE and BSE.