IDBI Bank shares fell amid updates on its strategic disinvestment, with Fairfax Financial and Emirates NBD emerging as bidders. The government and LIC plan to sell a combined 60.7% stake in the lender as part of the privatisation programme.
Kalyan Jewellers India's shares surged 10% to 417.75 after reporting a 90.36% jump in Q3 net profit to 416.29 crore. This strong performance triggered bullish brokerage calls, with JM Financial setting a 750 price target, citing robust same-store sales growth and positive management outlook.
Power Finance Corporation's board has approved an in-principle merger with REC, advancing a Union Budget proposal to restructure the two public sector NBFCs. This move aims to achieve scale, improve efficiency, and enhance credit flow to India's power and infrastructure sectors. Both companies have delivered significant multibagger returns over the past three years.
