LVB rises over 16%

Lakshmi Vilas Bank (LVB) is the top gainer on the BSE since the opening bell. The stock, which had closed yesterday at Rs.17.80, it opened today at Rs.19.05 and rose to hit an intraday high at Rs.20.65. Its 20% UC for the day stands at Rs.21.35.

The stock is seeing this positive vibe on its statement that the Clix Group has made an indicative offer or an investment in LVB.

This association with Clix started in June when it submitted a non-binding letter of intent for a merger with the Bank. Last month, LVB stated that it has completed a major part of the due diligence.

There is now hope on the horizon that the financial stress and the ongoing saga at LVB might finally come to an end.