Cabinet approves 9.5 pct govt stake sale in NTPC
NEW DELHI (Reuters) - The cabinet approved on Thursday a 9.5 percent government stake sale in state-run power producer NTPC Ltd(NTPC.NS), a minister told reporters, to help rein in its ballooning fiscal deficit.
At current market price, the NTPC sale could raise as much as $2.3 billion for the government.
The minister declined to be named.
New Delhi aims to raise 300 billion rupees through share sales in state-run companies in the current fiscal year that ends in March 2013. But it has, thus far, drawn a blank as weak market conditions have deterred public issues or auctions.
The government expects to kick start the divestment process on Friday with a sale of 4 percent in state run Hindustan Copper (HCPR.NS) through a share auction.
(Reporting by Nigam Prusty; editing by Rajesh Kumar Singh)
- Tweet this
- Share this
- Digg this
- U.S. nurse quarantined over Ebola calls treatment "frenzy of disorganization"
- Wall Street finally turning on Amazon as Bezos magic fades
- Google executive sets new stratosphere skydive world record
- Former Cream frontman Jack Bruce dies aged 71
- São Paulo running out of water as rain-making Amazon vanishes
The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article