Shares of state-run firms dominated the list of gainers in BSE 'A' group today, 31 August 2012.
State-run trading firm MMTC gained 3.92% to Rs 755.40 and was second biggest gainer in 'A' group. Government of India owned 99.33% stake in MMTC as on 30 June 2012.
State-run copper miner Hindustan Copper rose 3.03% to Rs 259.85 and was the fifth biggest gainer in 'A' group. Government of India owned 99.59% stake in Hindustan Copper as on 30 June 2012.
Shares of these firms rose on reports that the government is mulling divestment in both these companies. The government had proposed to raise Rs 30000 crore in the current fiscal ending 31 March 2013 from disinvestment of part stakes in state-run firms.
State-run fertiliser maker Rashtriya Chemicals & Fertilizers (RCF) advanced 3.14% to Rs 50.90 and was the fourth biggest gainer in 'A' group. RCF said it has plans to expand the capacity of urea at Thal unit in Maharashtra by setting up one single stream ammonia plant of capacity 2200 MTPD and one single stream urea plant of capacity 3850 MTPD at the existing site. The selection process for lumpsum turnkey contractors (LSTK) for main plants has been completed. The project cost is expected to be Rs 4000 crore and will be completed in 36 months period from the zero date.
RCF's board in the meeting held on 27 August 2012 approved for applying lot PIB/CCEA clearance for the project. Action for tie up of feedstock and for obtaining Environmental clearance is being undertaken. RCF would also be starting the process for financial tie-up/closure and the LSTK Contract will be awarded after receiving the PIB/CCEA clearance, the company said. The announcement was made after market hours on Thursday, 30 August 2012.
Biocon spurted 4.49% to Rs 259.45 and topped the gainers in the BSE's 'A' group. The stock rose on volume of 2.57 lakh shares, higher than an average daily volume of 47,000 shares in the past two weeks.
Adani Power jumped 3.58% to Rs 39.10 and was third biggest gainer in 'A' group. The stock rose on volume of 7.11 lakh shares, higher than an average daily volume of 3.33 lakh shares in the past two weeks.