PSU shares in demand: SJVN, NHPC, RVNL, RITES hit fresh lifetime highs

Shares of public sector undertakings (PSUs) companies were in focus in a weak market as the S&P BSE PSU index and S&P BSE CPSE index hit respective lifetime highs in Monday’s intra-day trade, on the back of positive corporate announcements.

Among state-run power generation stocks, shares of SJVN (surged 14 per cent at Rs 57.20), NHPC (up 6 per cent at Rs 49.63), RITES (up 10 per cent at Rs 501), Rail Vikas Nigam (RVNL) (up 7 per cent at Rs 146.55) and Mazagon Dock Shipbuilders (up 4 per cent at Rs 1,938.50) from infrastructure hit their respective record highs on Monday's intra-day trade.

Others like shares of Housing & Urban Development Corporation (Hudco) (up 7 per cent at Rs 64.35), REC (up 8 per cent at Rs 174.20) and Power Finance Corporation (PFC) (up 7 per cent at Rs 244) from the financial institutions hit their 52-week highs.

That apart, shares of Oil and Natural Gas Corporation (ONGC), Engineers India, Indian Bank, General Insurance Corporation of India (GIC Re), Ircon International and NLC India, too, hit their respective 52-week highs.

At 12:45 pm; the S&P BSE PSU and S&P BSE CPSE index were up 1 per cent each, as against 0.10 per cent decline in the S&P BSE Sensex.

The S&P BSE PSU index is designed to measure performance of public sector undertakings (PSUs) as defined by BSE. The S&P BSE CPSE index is designed to measure performance of Central Public Sector Enterprises (CPSEs) listed at 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, shares of SJVN surged 14 per cent to Rs 57.2 on the back of two-fold jump in trading volumes, after the company bagged a contract from Punjab State Power Corporation Ltd (PSPCL) for development and procurement of 1,200 MW of solar power worth Rs 7,000 crore. CLICK HERE FOR RELEASE

Additionally, shares of RITES soared 10 per cent to Rs 501 after the company said it is the lowest bidder in tenders for procurement of locomotives and wagons invited by CFM, Mozambique.

That said, stock of PFC rallied 7 per cent to Rs 244 after the company announced signed memorandum of understanding (MoU) worth Rs 2.37 trillion with 20 companies in clean energy space.