Stocks of Punjab Communications surged 20 per cent today to close at Rs 76.35 on reports that the Punjab government was ready to take a final decision on the sale of stake in the company.
Around 5.19 lakh shares of the company changed hands on the BSE, while 10.70 lakh shares were traded on the NSE.
SBI Capital Markets has been given the mandate to advise the government on the disinvestment. The government will offload its 70 per cent stake in the telecom company. A decision is expected to be taken by the end of this week.
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The company manufactures pulse code modulated multiplexers, rural automatic exchanges and digital VHF radios.
Its major clients are other government companies such as BSNL, ONGC, VSNL, the railways, defence sector among others.
SKF Bearings on a high over sparkling results
SKF Bearings rose for the second day today, closing 9.45 per cent higher at Rs 49.80. The scrip opened at Rs 46, and then touched an intra-day high of Rs 50.40.
Volumes were huge on the counter. Around 6.33 lakh shares were traded on the BSE, while 7.95 lakh shares changed hands on the NSE.
The bullishness in the stock is due to the company