MMTC, Neyveli, Hind Copper gain on divestment buzz

MUMBAI: Shares of public listed companies such as MMTC, Hindustan Copper and Neyveli Lignite were back in focus on Thursday on reports that the Cabinet Committee on Economic Affairs will meet next week to discuss divestment of the government’s stake in these companies.

According to media reports, CCEA is likely to consider 9.33 per cent divestment in MMTC, and 5 per cent stake sale in Neyveli Lignite.

The government has set a divestment target of Rs 30,000 crore for FY13, but so far there has hardly been any progress due to weak global financial markets.

The divestment programme is likely to kickstart in September with the Rashtriya Ispat Nigam IPO and the Neyveli Lignite issue. Other companies that are likely to follow are SAIL, Oil India, MMTC, BHEL and Hindustan Copper.

At 11:20 am, MMTC was up 3.33 per cent, Neyveli Lignite gained 1.95 per cent, Hindustan Copper gained 2.50 per cent and SAIL was up 0.20 per cent. Oil India, however, was down 0.26 per cent and BHEL slipped 2.40 per cent.