Market Movers: What led to buying in Airtel, BPCL; auto stocks in huge demand
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As many as 325 stocks hit their 52-week highs on Tuesday. Adani Ports, BPCL, Grasim Industries, Motherson Sumi, NMDC, NTPC, Tata Motors, Tata Power and Vedanta were among the top names.
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BPCL sold Numaligarh refinery for Rs 9,876 crore. The sale clears the way for privatisation of India s second-largest fuel retailer. Shares of the company rose over 3 per cent to Rs 469 after the board approved the sale.
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NEW DELHI: Positive global cues and encouraging data from Indian companies kept buying in Dalal Street intact for the second day on Tuesday. Auto and IT sectors were among the most vibrant.
BPCL refinery stake sale opens up door for high dividends, privatisation
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Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent.
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NEW DELHI: Shares of privatisation-bound BPCL climbed nearly 6 per cent in Tuesday s trade after it exited Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India and Engineers India for Rs 9,876 crore.
Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent. But this sale is an important and necessary step towards completing the privatisation process by July-August, which should keep the excitement high in the stock in the coming months, CLSA said.