120% return in 2 years: This PSU bank stock surges 10% - Do you own?

PSU Bank Stock in Focus: The shares of Central Bank of India opened gap up at Rs 53.90 on the BSE with a gain of 3.22 per cent today. The counter surged further to Rs 57.86, a gain of around 10 per cent from the previous close of Rs 52.33.

PSU Bank Stock in Focus: The counter has given a multibagger return of 120 per cent in two years. According to BSE Analytics, the stock has given a positive return of 28.44 per cent in one year. On a YTD basis, it has gained 12.21 per cent. 

PSU Bank Stock in Focus: In October, the Competition Commission of India (CCI) cleared the Central Bank of India's proposed acquisition of stakes in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL).

PSU Bank Stock in Focus: The sudden surge in the stock price comes as the PSU bank has got approval from the Reserve Bank of India (RBI) to enter the insurance business through a joint venture with Generali group under FGIICL and FGILICL.

PSU Bank Stock in Focus: FGIICL provides personal insurance, commercial insurance, social, and rural insurance, among others. It also provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.

PSU Bank Stock in Focus: Earlier in August, the Central Bank of India announced it had emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures.

PSU Bank Stock in Focus: The counter has a 52-week high of Rs 76.85 and a 52-week low of Rs 43.57.