The floor price for the issue would be decided after the close of the equity market tomorrow.
The government's 4 per cent stake sale in Hindustan Copper was on Friday over-subscribed, marking the start of ambitious Rs 30,000-crore (Rs 300 billion) disinvestment programme that is crucial for meeting the fiscal deficit target.
In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.
BSE PSU index rallies 10% in one month; nearly a third of the stocks on the index has gained 20% over the period
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
Chairman says turnaround has begun in sector expects 10% growth in firm's core business this year.
Fresh worries for NTPC and NMDC auctions after the tepid response to the discount pricing of Hindustan Copper's stake sale.
After the fiasco in March this year over the share sale in Oil and Natural Gas Corporation ( ONGC ), the government has softened its stand over the pricing.
The divergence shows lack of financial depth in the Indian stock markets.
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
Govt seems to bullish to meet its disinvestment target in current fiscal.
Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore (Rs 430 billion) from divestment proceeds, almost the same level that the government expects to realise from stake sale in PSUs this fiscal.
Infosys was the top Sensex loser along with other index heavyweights ITC and HDFC.
The broader markets also ended lower in line with the benchmark indices
Metals, auto and banking shares were in the limelight in this session; the FMCG pack, however, ended lower.
'It is my duty to give the govt the right price of crude oil.'
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