Stocks

Central Bank of India surges after plans to sell home finance subsidiary

BL Internet Desk | Updated on November 15, 2019 Published on November 15, 2019

The stock of public sector bank Central Bank of India surged nearly 9 per cent on the bourses today.

At 2.05 pm, Central Bank of India gained Rs 1.80, or 9.30%, to Rs 21.15 on the NSE.

Investors seemed to have returned to this counter to buy the stock after the public sector bank said recently that it is planning to sell its investments lock, stock and barrel in subsidiary Cent Bank Home Finance and joint venture Indo-Zambia Bank, as part of its move to monetise non-core assets by March-end 2020.

The bank, which reported a net profit of ₹134 crore in the second quarter of FY2020 after posting 14 consecutive quarters of losses, is seriously looking at monetising its investment in the home finance company and the joint venture in Zambia, according to MD and CEO Pallav Mohapatra.

Published on November 15, 2019
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