New Delhi: PSU stocks were in huge demand on Friday and zoomed up to 22 percent, led by BHEL, in-tandem with a bullish broader market trend.
On the BSE, shares of BHEL jumped 22.22 percent, Hindustan Copper climbed 19.66 percent, MMTC 17.36 percent, Shipping Corporation of India 9.31 percent and National Aluminium Company 8.42 percent.
Also, SAIL advanced 7.90 percent, NBCC 7.58 percent, NMDC 6.56 percent, Rashtriya Chemicals and Fertilizers 6.04 percent, SJVN 5.57 percent and Oil India 5.53 percent.
"BHEL closed up by 22.2 percent today as news emerged that government is looking to reduce its stake from 63.2 percent to 26 percent in the company. Based on the strategic stake sale news of BHEL, other PSUs such as Hindustan Copper, SAIL etc also rallied today in anticipation of government reducing its stake in them as well," Jaipal Shetty, fundamental analyst at Bonanza Portfolio, said.
According to market reports, Cabinet is expected to take up a proposal to reduce the government's stake below 51 percent in a number of state-owned companies.
Meanwhile, the equity market extended gains for the sixth straight session on Friday, with the benchmark Sensex rising over 246 points.
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Updated Date: Oct 18, 2019 17:57:26 IST