Markets

BPCL, SCI shares hit 52-week high after privatisation move; pares gain later

A view of the Bharat Petroleum Corporation Limited at Tondiarpet in Chennai.

A view of the Bharat Petroleum Corporation Limited at Tondiarpet in Chennai.   | Photo Credit: B. Jothi Ramalingam

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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.

Shares of Bharat Petroleum Corp. Ltd. (BPCL), Shipping Corp of India (SCI) and Container Corp of India (Concor) showed mixed trends on November 21 after the Cabinet approved sale of government’s stake in these companies.

BPCL which opened the day 0.92% higher at ₹549.70 — its 52-week high — later erased the gains and fell to a low of ₹527.35, down 3.17% over its previous close on BSE.

Shares of SCI also rose 2.12% to hit a one year high of ₹69.80 in opening trade but later pared the gains. It declined to ₹64.80, lower by 5.19% over its last close.

However, Concor shares jumped 4.67% to ₹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% 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% stake along with transfer of management control in the country’s second-biggest state-owned refiner BPCLL after taking out Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters on November 20.

It also approved the sale of an entire 63.75% government holding in SCI and a 30.8% stake in Concor.

The government currently holds 54.80% in Concor and will retain 24% stake post sell-off but without any veto powers or management say, Disinvestment Secretary Tuhin Kanta Pandey said.

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Printable version | Dec 6, 2019 12:52:43 AM | https://www.thehindu.com/business/markets/bpcl-sci-shares-hit-52-week-high-after-privatisation-move-pares-gain-later/article30035974.ece

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