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