BEML shares zoom 16.5% on stake sale nod

Shares of defence equipment manufacturer BEML surged 16.5 per cent today after the government's approval to sell 26 per cent stake in the PSU.
The stock soared 16.55 per cent to settle at Rs 1,157.75 on BSE. Intra-day, it zoomed 19.64 per cent to Rs 1,188.50.
On NSE, shares of the company jumped 15.82 per cent to end at Rs 1,150.75.
On the volume front, 8.63 lakh shares of the company were traded on BSE and over 57 lakh shares changed hands at NSE during the day.
The government will sell 26 per cent stake in defence equipment manufacturer BEML, making it the first major PSU to be sold through strategic disinvestment, which may fetch the exchequer over Rs 1,000 crore.

In a notification to the stock exchanges, BEML on Friday said that the Cabinet has given an 'in-principal' approval for strategic disinvestment of 26 per cent equity shares in BEML Ltd out of government's shareholding of 54.03 per cent.
After the strategic sale, the government's stake in the PSU would come down to 28.03 per cent.