Kick-starting the disinvestment process of the current fiscal, the government will tomorrow sell 11.36 per cent in power major NHPC at Rs 21.75 a share that is likely to fetch the exchequer over Rs 2,700 crore.
According to the statement, India's power generators continue to face low and declining capacity utilisation, mainly because financially-stressed distribution companies (discoms) are unable to purchase power.
The dam site is located about 1.5 km upstream of the confluence of Ashu Pani and Dibang rivers and about 43 km from Roing, district headquarter.
In the last six years, the government has been able to meet only 64 percent of its stake sale target
The Power Ministry will come out with a Cabinet note on changes in Tariff Policy within a week for enabling greater competition in the sector, an official said.
Finance Minister Arun Jaitley, in the Budget 2015, is likely to target around Rs 43,000 crore from disinvestment proceeds, almost the same level that the government expects to realise from stake sale in PSUs this fiscal.
Bharti Airtel at 3.96 percent, HDFC at 2.71 percent, SBI at 2.45 per cent, Coal India at 2.33 percent and Infosys at 2.01 percent were some of the other big gainers.
The market rally was driven by strong buying in the banking space and recovery in metals and oil & gas counters. Traders said sustained foreign capital inflows also boosted investor sentiment.
The bullish buying in the steel sector in firms like Tata Steel, Hindalco and Jindal Steel also helped the 50-share Nifty climb up rapidly.
The government is likely to sell 10 percent of its stake in Indian Oil Corp, the nation's biggest company, this fiscal to raise about Rs 8,150 crore.
Replying to questions of economic growth, the finance minister said 2015 is going to be a much better year than earlier years, though not fully satisfactory because there is a lot of "legacy of the past".
Government's disinvestment drive got a tremendous start today, with steel major SAIL's share sale being subscribed more than two times fetching the exchequer Rs 1,715 crore.
The government's 5 per cent stake sale in steel major SAIL, to raise up to Rs 1,700 crore, began<br /> today and got subscribed over 60 percent in afternoon trade.
Kicking off its disinvestment drive, the government will sell 5 percent of its stake in steel major SAIL on Friday, which could fetch Rs 1,700 crore to the exchequer.
Significantly, of the 25 IPOs in the first half of the current financial year, 21 were from the Small and Medium Enterprise (SME) sector.<br />
Previously, the listed PSUs were required to have at least 10 per cent public holding, whereas the minimum public holding in non-PSU listed companies is already 25 per cent.<br />
The macro conditions are simply right for a successful government disinvestment programme. Plus there is LIC with its surpluses waiting in the wings, having made a killing in the last disinvestment
Sources said the IPO would hit the markets by early January as the entire book building process takes about three months time.<br />