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Divestment PSU Candidates On The Run; BEML, Shipping Corp Hit 52-Week High
For the Fy 2021-22, the government has set a divestment target of Rs. 1.75 lakh crore and is indeed committed to realise the same. In mid November, DIPAM or the department of investment and public asset management secretary Tuhin Pandey said the centre will invite bids or EoIs for privatisation or divestment of 5-6 public sector undertakings (PSUs) in December-January and in all probability finalise all such transactions in the ongoing fiscal year itself.
Now as the government is expediting its divestment plan and for three of the PSUs namely BEML, Shipping Corporation and BPCL the stake sale is set to be taking place in the next two month, scrip of these companies' are in the spotlight.
BEML or Bharat Earth Movers in the last two days considering Thursday's closing price has gained by 19 percent and in today's trade has hit fresh 52-week high price of Rs. 1924.7. At around 11:59 am, the scrip of BEML quoted at a price of Rs. 1871, up over 12%. In the case of this infrastructure PSU, the government is looking to sell 26 percent of the stake out of its current holding of 54.03%.
Shipping Corporation of India in trade on November 29, 2021 also gained to 52-week high price of Rs. 154.35, rallying 4.8% intra-day. The sharp gains are as government is all set to complete the divestment process of Shipping Corporation in the next month. In the case of Shipping Corporation, the DIPAM last year invited bids for the strategic stake sale of its entire 63.5% stake in the company. Last the scrip, traded at a price of Rs. 151.7 apiece.
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