Hindustan Zinc shares jumped as much as 5 per cent on Tuesday after the government approved a stake-sale in the company. The government holds a 29.5 per cent stake in the Hind Zinc that is controlled by London-listed Vedanta Resources.
As of 09.17 a.m., shares in the company traded 5.1 per cent higher at Rs 139.30 on the BSE. Hind Zinc was also the most traded stock on the BSE 500 benchmark.
Other Vedanta group stocks also saw buying interest. Sesa Sterlite shares were up 2.7 per cent against a 0.1 per cent rise in the broader Nifty.
The stake sale will take place through the auction route and may fetch the government around Rs 17,000 crore at the last trade price of Rs 135.
The stake-sale is part of the government' search for funds to deliver on its pledge to narrow the fiscal deficit to 4.8 per cent of gross domestic product in the fiscal year ending in March 2014 from 4.9 per cent a year earlier.
The government aims to raise around Rs 55,000 crore by selling assets this fiscal year. So far, the stake-sale programme has fetched just 3 per cent of the target.
Vedanta, founded by billionaire Anil Agarwal, won the support of its shareholders in October to offer up to $3.48 billion to buy the government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.
To boost its coffers, the government will also sale a 10 per cent stake in Indian Oil Corp. It is also counting on a $2.98 billion dividend payout from state-run Coal India.
The fiscal gap reached nearly 94 per cent of the full-year target between April and November, casting doubts on the government's ability to deliver on its promise.
(With inputs from Reuters)
Hindustan Zinc shares jumped as much as 5 per cent on Tuesday after the government approved a stake-sale in the company. The government holds a 29.5 per cent stake in the Hind Zinc that is controlled by London-listed Vedanta Resources.
As of 09.17 a.m., shares in the company traded 5.1 per cent higher at Rs 139.30 on the BSE. Hind Zinc was also the most traded stock on the BSE 500 benchmark.
Other Vedanta group stocks also saw buying interest. Sesa Sterlite shares were up 2.7 per cent against a 0.1 per cent rise in the broader Nifty.
The stake sale will take place through the auction route and may fetch the government around Rs 17,000 crore at the last trade price of Rs 135.
The stake-sale is part of the government' search for funds to deliver on its pledge to narrow the fiscal deficit to 4.8 per cent of gross domestic product in the fiscal year ending in March 2014 from 4.9 per cent a year earlier.
The government aims to raise around Rs 55,000 crore by selling assets this fiscal year. So far, the stake-sale programme has fetched just 3 per cent of the target.
Vedanta, founded by billionaire Anil Agarwal, won the support of its shareholders in October to offer up to $3.48 billion to buy the government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.
To boost its coffers, the government will also sale a 10 per cent stake in Indian Oil Corp. It is also counting on a $2.98 billion dividend payout from state-run Coal India.
The fiscal gap reached nearly 94 per cent of the full-year target between April and November, casting doubts on the government's ability to deliver on its promise.
(With inputs from Reuters)
Hindustan Zinc shares jumped as much as 5 per cent on Tuesday after the government approved a stake-sale in the company. The government holds a 29.5 per cent stake in the Hind Zinc that is controlled by London-listed Vedanta Resources.
As of 09.17 a.m., shares in the company traded 5.1 per cent higher at Rs 139.30 on the BSE. Hind Zinc was also the most traded stock on the BSE 500 benchmark.
Other Vedanta group stocks also saw buying interest. Sesa Sterlite shares were up 2.7 per cent against a 0.1 per cent rise in the broader Nifty.
The stake sale will take place through the auction route and may fetch the government around Rs 17,000 crore at the last trade price of Rs 135.
The stake-sale is part of the government' search for funds to deliver on its pledge to narrow the fiscal deficit to 4.8 per cent of gross domestic product in the fiscal year ending in March 2014 from 4.9 per cent a year earlier.
The government aims to raise around Rs 55,000 crore by selling assets this fiscal year. So far, the stake-sale programme has fetched just 3 per cent of the target.
Vedanta, founded by billionaire Anil Agarwal, won the support of its shareholders in October to offer up to $3.48 billion to buy the government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.
To boost its coffers, the government will also sale a 10 per cent stake in Indian Oil Corp. It is also counting on a $2.98 billion dividend payout from state-run Coal India.
The fiscal gap reached nearly 94 per cent of the full-year target between April and November, casting doubts on the government's ability to deliver on its promise.
(With inputs from Reuters)
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