NTPC moves up after govt's nod for stake sale

The stock slipped from the day's high and ended at Rs 216 - up 1%. The counter witnessed comparatively hefty trades of 1.26 million shares on the BSE, as against the two-week daily average trade of 467,563 shares on the BSE.
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(Updated at 1043 hrs)

Shares of state-run power producer NTPC today climbed over four per cent on the Bombay Stock Exchange in morning trade, a day after the government approved a 5 per cent stake sale in the company.

The stock surged by 4.25 per cent to touch a high of Rs 223 on BSE. On the National Stock Exchange the shares of the company rose by 3.79 per cent.

Over 10 lakh shares were traded on the bourses.     

Later, the scrip was quoted at Rs 219.70, up 2.71 per cent on BSE. The stock was trading at Rs 219.15, up 2.60 per cent, on NSE.     

The government, yesterday, approved divestment in two state-run power utilities — NTPC and Satluj Jal Vidyut Nigam — as part of a conscious policy to unlock value and make the public part owners of the national assets.     

The Cabinet Committee on Economic Affairs (CCEA) gave its approval to five per cent stake sale in NTPC, after which the government's holding in the power producer would come down to 84.5 per cent from the current 89.5 per cent.