In an otherwise lackluster market, PSU Bharat Earth Movers Ltd (BEML) is doing pretty well. Currently the top gainer, volumes at its counter have jumped up almost 13 times, going up well over 19.5% to Rs.1188.50.

The reason for this euphoric run on the counter is thanks to the Government’s announcement that it has approved 26% strategic stake sale in the PSU.

The Govt expects this to happen by April-May 2017 though the employee union, as expected, has promptly conveyed that it will oppose the stake sale.

This is not an Offer For sale – this is selling stake to strategic buyer/s to be identified by the government of India by following due procedure.

The Govt currently holds 54.03% stake.