Shares of various public sector companies today gained ground after the government approved buyback of shares by certain PSUs as part of the divestment programme.
The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities.
While the names of potential buyback candidates could not be immediately ascertained, shares of companies like MMTC, Coal India, NMDC, Shipping Corporation surged higher.
MTNL, HMT, STC, Hindustan Copper, Engineers India Ltd, MOIL, Power Finance, Oil India and NHPC were also trading higher.
While MTNL was the biggest gainer in the PSU pack with a gain of over 6 per cent at the BSE, HMT gained 5.9 per cent, STC by about 5 per cent and National Fertilizers by over 4 per cent.
Hindustan Copper, NMDC, EIL and Shipping Corporation were up more thant 3 per cent, while MMTC and Neyvelli Lignite were up about 2.9 per cent each.
Nalco, Bank of Baroda, PFC, Chennai Petro, NHPC, Oil India, BEML, Coal India and Syndicate Bank were trading with gains of over one per cent at 1150 hours in a weak market.
http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/psu-shares-gain-as-as-government-approves-buyback/articleshow/12094966.cms
The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities.
While the names of potential buyback candidates could not be immediately ascertained, shares of companies like MMTC, Coal India, NMDC, Shipping Corporation surged higher.
MTNL, HMT, STC, Hindustan Copper, Engineers India Ltd, MOIL, Power Finance, Oil India and NHPC were also trading higher.
While MTNL was the biggest gainer in the PSU pack with a gain of over 6 per cent at the BSE, HMT gained 5.9 per cent, STC by about 5 per cent and National Fertilizers by over 4 per cent.
Hindustan Copper, NMDC, EIL and Shipping Corporation were up more thant 3 per cent, while MMTC and Neyvelli Lignite were up about 2.9 per cent each.
Nalco, Bank of Baroda, PFC, Chennai Petro, NHPC, Oil India, BEML, Coal India and Syndicate Bank were trading with gains of over one per cent at 1150 hours in a weak market.
http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/psu-shares-gain-as-as-government-approves-buyback/articleshow/12094966.cms
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