Shares of select public sector undertakings (PSU) have rallied more than 10% on back of huge volumes.
State Trading Corporation of India (STC), Hindustan Copper, MMTC and Dredging Corporation of India, in which public shareholding have less than 25%, are trading higher by 12-16% on the BSE. HMT, ITI, National Fertilisers and Neyveli Lignite too gained between 5-10% each.
According to media reports, the finance minister, P Chidambaram is planning to revive share sales of listed PSUs, primarily those in which public holding is less than 25%.
The government on Tuesday said it expects to come out with first public offer as part of Rs 30,000 crore disinvestment programme next month.
In 2011-12, the government missed the disinvestment target, managing to raise only about Rs 14,000 crore against the Rs 40,000 crore target.
Among the individual stocks, STC India has soared 17% to Rs 240 on back of over ten-fold jump in trading volumes. A combined 4.11 million shares have already changed hands on the counter so far, against an average less than 300,000 shares that were traded daily in past two weeks.
Hindustan Copper too, surged 17% at Rs 292, with a combined 4.67 million shares have changed hands on the NSE and BSE.