MMTC jumped 5.85% to Rs 35,766.55 after Jyotiraditya Scindia, the minister of state for finance said in parliament today that the government plans to sell 10% stake in the company. The government holds 99.34% in MMTC (as at end September 2009). The stock topped the gainers in the BSE's 'A' group.
The government had taken a decision to cap its holdings in listed state-run firms at 90% and sell stakes in firms in which its shares were over this limit.
Cement makers gained on reports cement prices will increase in the first quarter of calendar year 2010 on rise in infrastructure activity. ACC surged 5.33% to Rs 858.25. The stock was the second biggest gainer in 'A' group. UltraTech Cement gained 4.47% to Rs 898.75. The stock was the fourth biggest gainer in 'A' group.
Cement prices are seen hardening as demand from state projects picks up and rural housing drives volume growth. Rising infrastructure projects and the 2010 Commonwealth Games are driving prices higher, according to reports.
Gujarat NRE Coke advanced 4.86% to Rs 65.72. The stock was the third biggest gainer in 'A' group. On 8 December 2009, Gujarat NRE Coke said its Australian unit, Gujarat NRE Minerals had raised Australian dollar 50 million through sale of shares to institutional investors.
Ranbaxy Laboratories rose 4.04% to Rs 517.05. The stock was the fifth biggest gainer in 'A' group. As per recent reports, the company will launch its generic version of the urinary disorders drug, Flomax, in the US in March 2010.