Shares of public sector companies jumped by 0.83% to 5.43% after the government approved buyback of shares by certain PSUs as part of the divestment programme.
On the BSE at 12.41 pm, MTNL up by 5.43%, HMT up by 5.13%, State Trading Corporation of India up by 4.99%, Hindustan Copper up by 4%, Power Finance Corporation up by 2.11%, Engineers India up by 2.09%, NHPC up by 1.42%, Oil India up by 1% and MOIL up by 0.83%.
The Cabinet Committee on Economic Affairs (CCEA) has approved buy back proposal,' Praful Patel, minister of heavy industries, told reporters.
The government is far short of meeting its target of raising Rs40,000 crore through stake sales in the current fiscal year ending in March.
According to reports, PSU with surplus cash after capex can participate in buyback offers. The timeline of the buyback, however, remains uncertain.
The individual PSU boards will take a final call on buyback, as per reports.
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On the BSE at 12.41 pm, MTNL up by 5.43%, HMT up by 5.13%, State Trading Corporation of India up by 4.99%, Hindustan Copper up by 4%, Power Finance Corporation up by 2.11%, Engineers India up by 2.09%, NHPC up by 1.42%, Oil India up by 1% and MOIL up by 0.83%.
The Cabinet Committee on Economic Affairs (CCEA) has approved buy back proposal,' Praful Patel, minister of heavy industries, told reporters.
The government is far short of meeting its target of raising Rs40,000 crore through stake sales in the current fiscal year ending in March.
According to reports, PSU with surplus cash after capex can participate in buyback offers. The timeline of the buyback, however, remains uncertain.
The individual PSU boards will take a final call on buyback, as per reports.
....more info