PSU shares seize limelight on reviews of govt decreasing stake beneath 51% in state-owned cos; BHEL jumps over 22%
New Delhi: PSU shares have been in big demand on Friday and zoomed as much as 22 %, led by BHEL, in-tandem with a bullish broader market pattern.
On the BSE, shares of BHEL jumped 22.22 %, Hindustan Copper climbed 19.66 %, MMTC 17.36 %, Delivery Company of India 9.31 % and Nationwide Aluminium Firm 8.42 %.
Additionally, SAIL superior 7.90 %, NBCC 7.58 %, NMDC 6.56 %, Rashtriya Chemical substances and Fertilizers 6.04 %, SJVN 5.57 % and Oil India 5.53 %.
“BHEL closed up by 22.2 percent today as news emerged that government is looking to reduce its stake from 63.2 percent to 26 percent in the company. Based on the strategic stake sale news of BHEL, other PSUs such as Hindustan Copper, SAIL etc also rallied today in anticipation of government reducing its stake in them as well,” Jaipal Shetty, basic analyst at Bonanza Portfolio, stated.
In keeping with market reviews, Cupboard is anticipated to take up a proposal to scale back the federal government’s stake beneath 51 % in quite a few state-owned corporations.
In the meantime, the fairness market prolonged features for the sixth straight session on Friday, with the benchmark Sensex rising over 246 factors.
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