Shipping Corp and IDBI Bank Shares Soar Nearly 9% on Divestment Buzz

Shares of Shipping Corporation of India and IDBI Bank surged nearly 9% on June 3. This spike came after reports suggested that the BJP-led NDA government plans to sell its stakes in these companies within the first 100 days of their new term.

Key Points:

  • Government Plans: According to CNBC Awaaz, the new government, expected to be formed by the NDA, will prioritize divesting its stakes in Shipping Corporation of India and IDBI Bank.
  • Current Stakes: The government holds a 63.75% stake in Shipping Corporation and a 49.24% stake in IDBI Bank, while LIC owns 45.48% of IDBI Bank.

Market Response:

  • Stock Prices: At 1:33 PM, Shipping Corporation shares were trading at Rs 261.40, and IDBI Bank shares were at Rs 93.05 on the NSE.
  • Previous Moves: Shipping Corporation’s land assets were previously separated and listed independently.

Future Steps:

  • IDBI Bank: The Reserve Bank of India is currently reviewing potential buyers for IDBI Bank. After this review, the Department of Investment and Public Asset Management (DIPAM) will give final approval.

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