Shares of Central Bank of India soared up to 10.56 per cent to hit an intraday high of Rs 57.86 a piece on Monday
At 02:20 pm; the Nifty PSU Bank index was the top gainer among sectoral indices, up 4 per cent, as compared to 0.8 per cent rise in Nifty 50.
Recoveries from written-off accounts, treasury income boost bottom line
FEL holds direct and indirect investments in the general insurer, Future Generali India Insurance Company Limited, which is a joint venture between the company and Genera Group
The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.
The state-owned lender has to get Irdai's approval in 90 days to buy FEL's stake in insurance JVs
Central Bank of India on Wednesday said it has emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance venture. Central Bank of India has been declared as the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited, the state-owned bank said in a regulatory filing. The Letter of Intent dated August 20, 2024, is received by the bank in this regard, it added. Future Enterprises owns a 25 per cent stake in Future Generali India Insurance Company and a 33 per cent stake in Future Generali Life Insurance. On July 20, 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) ordered initiating insolvency resolution proceedings against the debt-ridden FRL and dismissed objections raised by e-commerce major Amazon. The NCLT has passed the order after allowing
PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.