Hindustan Copper, MMTC gain on new buyback, stake sale norms

[caption id=“attachment_174115” align=“alignleft” width=“380” caption=“MMTC is trading up 3.9 percent at Rs 811.65.”] [/caption]

Shares of state-run MMTC and Hindustan Copper rose on potential capital raising on the back of market regulator SEBI’s relaxed norms for stake sale and buyback of shares, two dealers said.

Though a decision on disinvestment through buybacks is put off for now, the market is pricing in a potential fund raising by select state-run companies as the government is running a large fiscal deficit, one of the dealers said.

At 10:26 a.m, shares of MMTC were up 3.9 percent at Rs 811.65 and Hindustan Copper 1.69 percent at Rs 271.40 .

Reuters