BPCL, SCI shares hit 52-week high after privatisation move; pares gain later
BPCL which opened the day 0.92 per cent higher at Rs 549.70 -- its 52-week high -- later erased the gains and fell to a low of Rs 527.35, down 3.17 per cent over its previous close on BSE.
Shares of Shipping Corp also rose 2.12 per cent to hit a one year high of Rs 69.80 in opening trade but later pared the gains. It declined to Rs 64.80, lower by 5.19 per cent over its last close.
However, Container Corp shares jumped 4.67 per cent to Rs 605.
In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved sale of government's stake in blue-chip oil firm BPCL, shipping firm SCI and cargo mover Concor as well as decided to cut shareholding in select public sector firms below 51 per cent to boost revenue collections that have been hit by slowing economy.
The Cabinet Committee on Economic Affairs (CCEA) approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second-biggest state-owned refiner Bharat Petroleum Corp Ltd after taking out Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters on Wednesday.
It also approved the sale of an entire 63.75 per cent government holding in Shipping Corp of India (SCI) and a 30.8 per cent stake in Container Corp of India (Concor).
The government currently holds 54.80 per cent in Concor and will retain 24 per cent stake post sell-off but without any veto powers or management say, Disinvestment Secretary Tuhin Kanta Pandey said. SUM DRR