ING Vysya is top gainer

ING Vysya is the top gainer on the BSe currently, up over 4.5% at Rs.533, with an intra day high and low at Rs.598.95 and Rs.529.50 respectively. Volumes are good at 41,000 shares, worth over Rs.2.20 crore changing hands today morning.

The stock is in the limelight on unconfirmed news that ING Groep NV, the Dutch financial services company which holds a 43.55% stake in the bank through ING Mauritius Holding and ING Mauritius Investments is planning to sell its stake and looking for buyers. The Dutch company plans to exit the domestic banking business and is rethinking its local strategy.

The market is exuberant about this news as this means a change in the dynamics of this bank, which as such is doing well, with good profitability, branch network of 575 and good customer base. It would thus make a prime pick for any company or existing bank to get a ripe and sweet fruit, ready to eat. We could either see a domestic company or another international company making a bid, to gain a foothold in India’s banking sector. One does not know the truth in this news as this goes to defies the purpose of the Dutch company having bought shares recently in the bank from the open market at Rs.611/share.