Shares of select public sector undertaking (PSU) companies where the government holding exceeds 75% have rallied up to 11% today, after the empowered Group of Ministers (eGoM) deferred the MMTC's due to valuation concerns.
Besides MMTC, STC India, Hindustan Copper, Dredging Corporation of India and HMT are trading higher by 3-11% on back of heavy volumes on the Bombay Stock Exchange (BSE).
“EGoM did not accept recommendations of merchant bankers on valuation issues," Disinvestment Secretary Ravi Mathur told reporters after the meeting, the PTI report suggests.
The government proposed to sell over 93.3 million shares or 9.33% of its stake in MMTC through an offer for sale (OFS), which supposed to hit the markets on March 14.
MMTC has rallied 9.5% to Rs 324, bouncing back almost 16% from intra-day low, on BSE. The stock opened at Rs 294 and hit a low of Rs 280, its lowest price since September 2007, in early morning trades. As many as a combined 8.35 million shares have changed hands till 1432 hours against an average sub 1.7 million shares that were traded daily in past two weeks on BSE and NSE.
Among other stocks, STC India has surged 11% to Rs 223, followed by Dredging Corporation of India (9% at Rs 242) Hindustan Copper (8% at Rs 123) and HMT (4% at Rs 35.30).
Besides MMTC, STC India, Hindustan Copper, Dredging Corporation of India and HMT are trading higher by 3-11% on back of heavy volumes on the Bombay Stock Exchange (BSE).
“EGoM did not accept recommendations of merchant bankers on valuation issues," Disinvestment Secretary Ravi Mathur told reporters after the meeting, the PTI report suggests.
The government proposed to sell over 93.3 million shares or 9.33% of its stake in MMTC through an offer for sale (OFS), which supposed to hit the markets on March 14.
MMTC has rallied 9.5% to Rs 324, bouncing back almost 16% from intra-day low, on BSE. The stock opened at Rs 294 and hit a low of Rs 280, its lowest price since September 2007, in early morning trades. As many as a combined 8.35 million shares have changed hands till 1432 hours against an average sub 1.7 million shares that were traded daily in past two weeks on BSE and NSE.
Among other stocks, STC India has surged 11% to Rs 223, followed by Dredging Corporation of India (9% at Rs 242) Hindustan Copper (8% at Rs 123) and HMT (4% at Rs 35.30).
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%