 "PSU shares gain; ITI, MMTC, Nalco hit 52-week high")
Shares of select public sector undertaking (PSU) companies have rallied by up to 14% on the bourses on back of heavy volumes in an otherwise range-bound market.
MMTC, National Aluminium Company (Nalco), ITI, Balmer Lawrie & Co and Oil & Natural Gas Corporation (ONGC) hit their respective 52-week high on the BSE in intra-day trade.
MMTC, Nalco, Hindustan Copper, Mahanagar Telephone Nigam Limited (MTNL), HMT and Shipping Corporation of India (SCI) were up between 4% to 12% on the BSE.
Engineers India, Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), NLC India and Steel Authority of India (SAIL) were up in the range of 2% to 3%, as compared to 0.15% rise in the S&P BSE Sensex at 10:59 am.
Since November 8, post demonetization, out of 56 stocks from the S&P BSE PSU Index, 46 stocks had outperformed the market by falling less than benchmark index, which fell 4%.
Earlier in July, the Finance Ministry had directed all profit making PSUs to use their surplus cash to buy back shares and pay handsome dividend, besides considering issuing bonus shares or going for stock split.
The Department of Investment and Public Asset Management (DIPAM) in a recent letter to Central Public Sector Enterprises (CPSEs) has asked them to pay dividend at the rate of 30% cent of net profit or 5% of the networth, whichever is higher.
Thus far in the current calendar year, nine PSU companies have rewarded bonus shares to their shareholders, while five companies bought back equity shares of the company.
The company which declared bonus shares includes ONGC, Oil India, BPCL, HPCL, IOC, Power Finance Corporation, Rural Electrification Corporation, Engineers India and Balmer Lawire & Co. MOIL, NMDC, Coal India, Nalco and Bharat Electronics had bought the shares during the year.
Among the individual stocks, MMTC has surged 14% to Rs 56.75 on the BSE in intra-day trade. The trading volumes on the counter jumped more than five-fold with a combined 9.24 million shares changed hands on the BSE and NSE so far.
Nalco too rallied 11% to Rs 68.25, on back of an over three-fold surge in trading volumes. A combined 11.82 million shares changed hands on both the exchanges.
MMTC, National Aluminium Company (Nalco), ITI, Balmer Lawrie & Co and Oil & Natural Gas Corporation (ONGC) hit their respective 52-week high on the BSE in intra-day trade.
MMTC, Nalco, Hindustan Copper, Mahanagar Telephone Nigam Limited (MTNL), HMT and Shipping Corporation of India (SCI) were up between 4% to 12% on the BSE.
Engineers India, Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), NLC India and Steel Authority of India (SAIL) were up in the range of 2% to 3%, as compared to 0.15% rise in the S&P BSE Sensex at 10:59 am.
Since November 8, post demonetization, out of 56 stocks from the S&P BSE PSU Index, 46 stocks had outperformed the market by falling less than benchmark index, which fell 4%.
Earlier in July, the Finance Ministry had directed all profit making PSUs to use their surplus cash to buy back shares and pay handsome dividend, besides considering issuing bonus shares or going for stock split.
The Department of Investment and Public Asset Management (DIPAM) in a recent letter to Central Public Sector Enterprises (CPSEs) has asked them to pay dividend at the rate of 30% cent of net profit or 5% of the networth, whichever is higher.
Thus far in the current calendar year, nine PSU companies have rewarded bonus shares to their shareholders, while five companies bought back equity shares of the company.
The company which declared bonus shares includes ONGC, Oil India, BPCL, HPCL, IOC, Power Finance Corporation, Rural Electrification Corporation, Engineers India and Balmer Lawire & Co. MOIL, NMDC, Coal India, Nalco and Bharat Electronics had bought the shares during the year.
Among the individual stocks, MMTC has surged 14% to Rs 56.75 on the BSE in intra-day trade. The trading volumes on the counter jumped more than five-fold with a combined 9.24 million shares changed hands on the BSE and NSE so far.
Nalco too rallied 11% to Rs 68.25, on back of an over three-fold surge in trading volumes. A combined 11.82 million shares changed hands on both the exchanges.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| MMTC | 55.60 | 49.75 | 11.76 |
| NATL. ALUMINIUM | 67.05 | 61.75 | 8.58 |
| HIND.COPPER | 64.80 | 61.35 | 5.62 |
| M T N L | 18.45 | 17.60 | 4.83 |
| S C I | 62.85 | 60.20 | 4.40 |
| HMT | 37.05 | 35.50 | 4.37 |
| I O C L | 304.25 | 295.35 | 3.01 |
| ENGINEERS INDIA | 301.00 | 293.85 | 2.43 |
| H P C L | 447.00 | 437.10 | 2.26 |
| B P C L | 626.25 | 613.35 | 2.10 |
| S A I L | 52.20 | 51.15 | 2.05 |
| NLC INDIA | 79.00 | 77.45 | 2.00 |
| G M D C | 100.00 | 98.15 | 1.88 |
| POWER FIN.CORPN. | 132.25 | 129.85 | 1.85 |
| NMDC | 125.35 | 123.50 | 1.50 |
| UCO BANK | 34.05 | 33.55 | 1.49 |
| NHPC LTD | 27.65 | 27.30 | 1.28 |
| DENA BANK | 34.85 | 34.45 | 1.16 |
| J & K BANK | 61.40 | 60.70 | 1.15 |
| INDIAN BANK | 244.40 | 241.70 | 1.12 |
