NBCC stock jumps 2 pc on buyout of govt-owned consultancy firm HSCC

Shares of NBCC Friday jumped over 2 per cent after the company said it will buy out 100 per cent government stake in consultancy firm HSCC for Rs 285 crore.

"DIPAM intimated vide letter dated September 13, 2018, that NBCC has been selected as the buyer for 100 per cent strategic disinvestment of HSCC at a bid amount of Rs 285 crore," NBCC had said in a regulatory filing Thursday.

Shares of the company climbed 2.39 per cent to settle at Rs 68.45 on the BSE. The stock had opened at Rs 69 and touched a high and a low of Rs 70.50 and Rs 67.80, intraday.

On the NSE, the stock ended the day at Rs 68.25, up 2.09 per cent from the previous close. After opening at Rs 67.95, the stock had touched a high of Rs 70.40 and a low of Rs 67.80 during the day.

In terms of volume, 5.82 lakh and 51.49 lakh shares of the firm were traded on the BSE and the NSE, respectively.

The market capitalisation of the firm shot up by Rs 288 crore to Rs 12,321 crore following the gains.

The government last October invited bids from similarly placed central public sector enterprises (CPSEs) for buying out the entire 100 per cent stake in HSCC, along with management control.

Thereafter, in June 2018, NBCC had submitted financial bid for buying HSCC.

Hospital Services Consultancy Corporation (HSCC), under the Ministry of Health and Family Welfare, is engaged in the provision of consultancy services in healthcare and other social sectors in India and abroad.

In the current fiscal, the government plans to raise Rs 80,000 crore through strategic sale of PSUs. So far this fiscal, it has raised over Rs 9,000 crore through disinvestment.