Business Today
Loading...

BPCL, Concor stocks hit fresh 52-week highs on reports of disinvestment, Shipping Corp rises 14%

A group of secretaries panel on disinvestment has approved the sale of government's entire shareholding in four public sector companies - Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI), THDC India and NEEPCO.

twitter-logo BusinessToday.In        Last Updated: October 1, 2019  | 13:07 IST
BPCL, Concor stocks hit fresh 52-week highs on reports of disinvestment, Shipping Corp rises 14%
The government holds 53.3% stake in BPCL, 54.8% in Concor and 63.75% in SCI

The share price of the PSU listed companies namely BPCL and Concor rose to their respective new 52- week highs, accompanied by SCI shares rising 14% intraday after media reports suggested that a group of secretaries panel on disinvestment has approved the sale of government's entire shareholding in four public sector companies - Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI), THDC India and NEEPCO.

The panel also cleared a sale of 30% equity of Container Corporation of India (Concor) from the government holding. The government holds 53.3% stake in BPCL, 54.8% in Concor and 63.75% in SCI.

Reacting as per the latest media development, the share price of the PSU listed companies zoomed up, with BPCL and Concor hitting a fresh 52-week high on the bourses, while Shipping Corporation of India Ltd (SCI) rose over 14% after the news.

BPCL stock opened with a gap-up chart pattern and gained 6.58% to Rs 501. Later, the BPCL stock rose 8.82% to the intraday high of Rs 511.5. The stock has consecutively gained 5.7% returns in the last two sessions.

Container Corp of India (Concor) stock rose 9.5% overall to Rs 662 and traded at day's high after making new intraday high by each hour. the stock opened with a gain of 5% and later rose 9.5% to touch a new 52- week high of Rs 658.4 today.

Similarly, Shipping Corporation of India (SCI)  shares rose 14.12% to its high point of the day at Rs 49.3 in the early trade.

By Rupa Burman Roy

Sensex Today: Sensex, Nifty turn voaltile; BPCL, CONCOR rally to new 52-week highs

Rupee vs Dollar: Rupee rises 12 paise to 70.75 per USD amid easing crude prices

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close