Hindustan Copper is currently the top gainer on the BSE. The stock, which had closed yesterday at Rs.32.80, opened at Rs.33.40 and rose to an intraday high at Rs37.25. Its 20% UC of the day is at Rs.39.25.
The stock price soared on news that the Govt is contemplating a strategic sale in the PSU and a NITI Aayog meeting is scheduled to discuss the divestment proposal on 27th Oct.
The Govt currently has a 54% stake in the company. It had got the Cabinet nod for divestment way back in July 2017.
This stake sale is obviously being made to meet its hugely ambitious divestment target of Rs.2.1 lakh crore for current fiscal.
The government has so far raised Rs 5,695 crore from offers for sale and Rs 10,992 crore from the Bharat Bond Exchange Traded Fund.