Shares of Bharat Heavy Electricals Ltd (BHEL) today settled more than 10 per cent higher following reports that the Cabinet is likely to ratify the decision to sell 4.66 per cent stake in the power equipment maker through a block deal.
After surging 15.82 per cent to Rs 229.85 -- its 52-week high in intra-day trade, the stock finally ended the day at Rs 218.80, up 10.25 per cent on the BSE.
At the NSE, the scrip zoomed 10.37 per cent to close the day at Rs 219.25.
The blue-chip stock was the top gainer among the front- line scrips on both the Sensex and Nifty.
Led by the gains, the company's market value surged Rs 4,981.49 crore to Rs 53,553.49 crore.
The proposal for post-facto approval for BHEL disinvestment is on the agenda of today's meeting of the Cabinet Committee on Economic Affairs (CCEA), sources had said.
The Finance Ministry in March had sold 4.66 per cent stake in the state-owned company to Life Insurance Corporation (LIC) for about Rs 1,889 crore.
