IDBI Bank shares have sky-rocketed by up to 20% in the latest trading sessions, hitting an intraday high of ₹92.44 on massive volumes. This rapid surge comes after reports that the Indian Government is aggressively exploring fresh options to revive the bank’s long-pending privatization framework.
1. Revival of Scrapped Privatization Bids
According to recent reports by The Economic Times, the government is evaluating legal ways to reconsider previous bids submitted by Emirates NBD and Prem Watsa’s Fairfax Financial Holdings. These bids were earlier set aside in March because they fell below the government’s secret reserve price. However, officials confirmed the process was never formally canceled and those bids are technically still “alive”.
2. Huge Block Deals & Volume Explosion
The stock witnessed a massive trading flurry on the exchanges:
- Over 6.9 crore shares changed hands in a single session.
- Big institutional players executed multiple large block deals valued between ₹82 and ₹92 per share.
- This three-fold jump in standard volume served as a strong technical breakout signal for momentum buyers.
3. Broad PSU Divestment Rush
Market confidence is heavily boosted by the government’s highly active ₹80,000-crore disinvestment target for the financial year. The Finance Ministry has successfully completed five Offer-for-Sale (OFS) transactions within a short 25-day span. This continuous momentum has convinced investors that finalizing the IDBI Bank stake sale is next on the priority list.
📈 Stock Snapshot & Technical Outlook
- Current Price Action: The stock is trading comfortably around ₹90.40, registering a 31% gain over the last month alone.
- Support Levels: Technical analysts from Livemint note that key momentum indicators like the RSI and MACD are flashing strong buy signals. The current upward trend is expected to remain healthy as long as the stock stays above ₹80
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