Mumbai: Shares of Bharat Petroleum Corp Ltd, Container Corp Of India, and Shipping Corp Of India surged, backed by heavy volumes, after news report suggested government plans to sell its stake in these companies.
At 2pm, shares of BPCL were up 3.3%, Container Corp and Shipping Corp Of India rose 4.2% and 10.5%, respectively.
BPCL was up for the fifth consecutive session, while Container Corp Of India and Shipping Corp have risen in four of the five sessions.
Over the last five sessions, BPCL has gained 27%, Container Corp climbed 22%, while Shipping Corp Of India advanced 30%.
CNBC TV18 said the government will initiate the formal process of seeking approvals from the Cabinet, for each of these proposed strategic stake sales. Before going to Cabinet, an extensive inter-ministerial consultation will be undertaken for each of the stake sales.