The S&P BSE CPSE Index is designed to measure the performance of Central Public Sector Enterprises (CPSEs) that are listed on the BSE. CPSEs are companies for which 51 per cent or more of the direct holding belongs to the Central Government of India.
Among individual stocks, KIOCL hit over five-year high of Rs 397 on the back of eight-fold jump in trading volumes. The stock of the sponge iron company was quoting at its highest level since January 2018. In the past three months, it has zoomed 102 per cent.
A combined 5.4 million equity shares have, so far, changed hands and there are pending buy orders for 120,000 shares on the NSE and BSE.
KIOCL is primarily engaged in the business of Iron Ore Mining, Beneficiation and Production of high-quality Pellets. The company has diversified into Operation and Maintenance Services, and Mineral exploration pertaining to its various core areas of expertise.
Along with foraying into mining operations, KIOCL is establishing a DISP Plant with a capacity of 2.0 LTPA, and a Coke Oven Plant with a capacity of 1.80 LTPA as backward integration projects. Additionally, the company plans to make necessary modifications to the Blast Furnace Unit to improve its economic viability. The management said the company remains determined to explore new markets and segments to retain its competitive edge and reduce costs through process optimisation.
ITDC, meanwhile, hit at an intraday high of Rs 472, its highest level since June 2018 on the BSE. In the past three months, the stock has rallied 43 per cent.
ITDC runs hotels and restaurants at various places for tourists, besides providing transport facilities. In addition, the company is engaged in production, distribution and sale of tourist publicity literature, providing entertainment, engineering related consultancy services, duty free shopping facilities to tourists, hospitality & tourism management of the Company imparting training and education in the field of tourism and hospitality through Ashok Institute of Hospitality & Tourism Management etc.
ITDC said FY 2022-23 continued to be a year of strong recovery in the Indian travel and tourism industry. The outlook for the Indian hospitality industry during calendar year 2023 also remains positive. The upsides working in favour of the hospitality industry in India are good macroeconomic environment evidenced by 6 per cent plus GDP growth.
Shares of STC India, too, were trading at their highest level since June 2018, at Rs 154.50 on the BSE. In the past three months, the stock has zoomed 91 per cent from a level of Rs 80.91.
STC India has been engaged in the trading business i.e., import and export in bulk commodities of rice, wheat, sugar, pulses, edible oils, fertilisers, coal, bullion, etc., on the behalf of Government/s or Private parties.
However, in its FY23 annual report, the company said that it was exempted from signing of MoU for the year 2022-23. The company continuing on 'non-going' concern basis and no business activities are being carried out by STC in pursuance of direction of the Administrative Ministry/Board.
Also, thecCompany continued to pass through difficult financial phase and account of STC is continued to be classified as NPA by the lender banks. Since there is no change in the business activity and financial position of the Company, therefore exemption from signing of Memorandum of Understanding (MoU) for the year 2023-24 has also been sought from Department of Public Enterprises (DPE) through DOC.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in