PSU stocks mixed after govt raises disinvestment target for 2018-19

PSU stocks were mixed at 13:58 IST on BSE after the finance minister said that it has set the disinvestment target of Rs 80000 crore for 2018-19.

The Union Budget 2018-19 was presented in the Parliament by the finance minister today, 1 February 2018.

Meanwhile, the S&P BSE Sensex was up 180.54 points or 0.5% at 36,145.56.

GAIL (India) (up 2.73%), NBCC (India) (up 2.17%), SJVN (up 1.74%), NMDC (up 1.21%), Steel Authority of India (up 0.84%) and Oil India (up 0.57%) gained. Hindustan Copper (down 4.88%), Bharat Electronics (down 3.81%), IFCI (down 2.11%), Rashtriya Chemicals & Fertilisers (down 1.79%), Coal India (down 1.71%) and Engineers India (down 1.18%) declined.

The finance minister Arun Jaitley in the Union Budget 2018-19 presented in the parliament today, 1 February 2018 said that the government has initiated efforts to generate funds as well as undertake banking sector reforms. The Union Minister for Finance and Corporate Affairs said that the government has initiated the process of strategic disinvestment in 24 central public sector enterprises (CPSEs) including strategic privatization of Air India.

Highlighting the government's effort to generate funds, the Finance Minister said that the Exchange Traded Fund Bharat-22 which was introduced to raise Rs 14500 crore, was over-subscribed in all segments. Similarly, the 2017-18 Budget estimates for disinvestment were pegged at the highest ever level of Rs 72500 crore and the estimated receipts from the same are expected to the tune of Rs 100000 crore in 2017-18, far exceeding the target. The Finance Minister has also set the disinvestment target of Rs 80000 crore for 2018-19.

Powered by Capital Market - Live News