Indian Overseas Bank (IOB) and Bank of Maharashtra (BoM) are in the top five gainers on the BSE since the opening bell. BoM, which had closed yesterday at Rs.25.75, hit a new high today at Rs.30.15, with an over 8.5 times rise in volumes. IOB almost kissed the previous high of Rs.20.90, going to an intraday high at Rs.20.05 and volumes are up over 9.5 times.
These two stocks are up as they are primed to be the best disinvestment candidates and in that vein, yesterday, Niti Aayog submitted the names of the banks to be privatized in the current fiscal.
Niti Aayog has been assigned the task of selecting the two PSU banks and one general insurance company which are the best candidates for privatization.
As per the process, once the Core Grou, it will then go to the Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final nod.