Select PSU stocks rally; Dredging Corporation, STC India soar 20%

MMTC, Shipping Corporation, Hindustan Copper and RCF were up 7% to 12%, as compared to 1.2% rise in the S&P BSE Sensex

Shares of select public sector undertaking (PSU) companies were in focus with Dredging Corporation of India and STC India locked in upper circuit of 20% on the BSE on back heavy volumes.

Dredging Corporation of India soared 20% to Rs 670, as media report suggests that the Cabinet has approved divesting entire stake in the company. Currently the Government of India holds 74.38% stake in Dredging Corporation.

The trading volumes on the counter jumped more than 10-fold with a combined 2.95 million shares changed hands on the BSE and NSE. There were pending buy orders for 558,355 shares on both the exchanges.

STC India, too, was locked in upper circuit of 20% at Rs 219 on back of 15-fold jump in trading volumes. Till 03:16 PM; a combined 6.8 million shares changed hands and there were pending buy orders for 299,945 shares on both the exchanges.

MMTC, Shipping Corporation of India (SCI), Hindustan Copper and Rashtriya Chemicals & Fertilizers were up 7% to 12%, as compared to 1.2% rise in the S&P BSE Sensex.