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The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities
Mumbai: Shares of various public sector companies today gained ground after the government approved buyback of shares by certain PSUs as part of the divestment programme, reports PTI.
The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities.
While the names of potential buyback candidates could not be immediately ascertained, shares of companies like MMTC, Coal India, NMDC, Shipping Corporation surged higher.
MTNL, HMT, STC, Hindustan Copper, Engineers India, MOIL, Power Finance, Oil India and NHPC were also trading higher.
While MTNL was the biggest gainer in the PSU pack with a gain of over 6% on the BSE, HMT gained 5.9%, STC by about 5% and National Fertilizers by over 4%.
Hindustan Copper, NMDC, EIL and Shipping Corporation were up more than 3%, while MMTC and Neyveli Lignite were up about 2.9% each.
Nalco, Bank of Baroda, PFC, Chennai Petro, NHPC, Oil India, BEML, Coal India and Syndicate Bank were trading with gains of over 1% at 1150 hours in a weak market.