Shares of select public sector undertakings (PSUs) are in demand on the bourses on back of huge volumes.
Hindustan Copper, Neyveli Lignite Corporation, Engineers India and HMT have rallied more than 8% each, while MMTC and STC India has frozen upper circuit of 5% on the Bombay Stock Exchange. The government holds more than 80% stake each in these companies.
Oil and Natural Gas Corporation (ONGC), the most valued PSU firm in terms of market capitalization, will launch first sale through auction mechanism during the trading hours on Thursday, March 1. Unlike earlier divestments, retail investors will be kept out of this sale. The auction is open only to institutional investors.
“The government will sell 427.77 million shares at a floor price of Rs 290 through the recently introduced auction mechanism,” the company said in a notice to the stock exchanges.
Among the individual stocks, Hindustan Copper is trading higher by 10% at Rs 297, extending its Tuesday’s 10% rally on back of huge volumes. As many as a combined 843,692 shares have changed hands on the counter till 1041 hours, against an average 328,361 shares that were traded daily in past two weeks on both the exchanges.
Engineers India has rallied 6% to Rs 279, with a trading volumes on the counter almost doubled. A combined around 460,000 shares have changed hands so far on the NSE and BSE.
