IDBI Bank, CONCOR surge as FY25 divestment target at Rs 50,000 crore exceeds expectation

IDBI Bank and CONCOR were the two prime divestment targets for FY24. However, several roadblocks came in the way and they were put on hold

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Shares of IDBI Bank and Container Corporation gained on February 1 after the Union government set an FY25 divestment target at Rs 50,000 crore. Brokerages were expecting a divestment target for the next fiscal anywhere between Rs 30,000 crore and Rs 40,000 crore.

At 1 pm, CONCOR shares were up 0.7 percent, gaining over 2 percent from the day’s low, to trade at Rs 894.30. At the same time, IDBI Bank stock was quoting at Rs 88.25, up 1.9 percent from the previous close.

Other divestment targets such as Shipping Corp and BEML were also trading higher. Shipping Corp was quoting at Rs 226.95, up 7 percent from the previous close and BEML was quoting at Rs 3,635.20, up 3.7 percent. Continued defence and capex spending also helped the sentiment for these two stocks.

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Meanwhile, IDBI Bank and CONCOR were the two prime divestment targets for FY24. However, several roadblocks came in the way and they were put on hold. With FY25 divestment estimates higher than Street expectations, investors are now hopeful that these will be completed in the next fiscal.

In November 2023, the government cancelled the bid invitation process to appoint an asset valuer for IDBI Bank’s divestment. Following this, DIPAM Secretary Tuhin Kanta Pandey said that the divestment was unlikely to be completed in this fiscal. The government holds 45.48 percent stake in IDBI Bank, while LIC holds a 49.24 percent stake.

Similarly, Concor is another much-awaited disinvestment target, that has been put on hold over internal differences with Railways Ministry. The government holds a 54.8 percent stake in the company. According to reports, JSW, Maersk and Adani were interested in the disinvestment deal, however, the railway ministry has some concerns about getting in a strategic investor.

FM Sitharaman sets FY25 capex target at Rs 11.1 lakh crore in Budget

For FY24, the government revised the divestment target to Rs 30,000 crore, about 40 percent lower than the initial target of Rs 51,000 crore. Divestment proceeds have been meagre at Rs 10,000 crore for this FY till date, collected through minority stake sales.