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).
