Meanwhile, the BSE Sensex was up 92.56 points, or 0.54%, to 17,393.14
Bhel rose 1.69% to Rs 259.20 after gyrating between Rs 272.40 and Rs 256.35 so far during the day. ONGC gained 0.99% to Rs 275 after oscillating between Rs 279.55 and Rs 274 so far during the day
Bhel clocked high volume of 24.56 lakh shares while 9.35 lakh shares changed hands on the ONGC counter on BSE.
The Empowered Group of Ministers (EGoM) is likely to consider various options, including offer for sale of shares through stock exchanges. It may be recalled that the stock market regulator Securities and Exchange Board of India had last month approved offer for sale of shares through stock exchanges.
The government could raise around Rs 15,000-17,000 crore through divesting 5% each in ONGC and Bhel. Government owned 67.72% stake in Bhel and 69.14% stake in ONGC (as at end December 2011).
The government has set a disinvestment target of Rs 40,000 crore for the year ending March 2012, but only over Rs 1,100 crore have been raised so far.