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