KIOCL spurts 13%

KIOCL or Kudremukh  Iron Ore Company Limited is in the limelight since the afternoon. The stock, which had hit a new low on Friday at Rs.120, spurted up almost 13% to Rs.167.30 and continues to rally pretty strongly in the green.

The Cabinet Committee on Economic Affairs has approved the listing of six Central Public Sector Enterprises (CPSE) on stock exchange through initial public offering (IPO) and one Public Sector Undertaking (PSU) to issue follow-on public offer (FPO), which is KIOCL.

The other six PSUs are - Telecommunication Consultants (India) Ltd, RailTel Corporation India Ltd, National Seed Corporation India Ltd, Tehri Hydro Development Corporation Ltd, Water and Power Consultancy Services (India) Ltd, and FCI Aravali Gypsum and Minerals (India) Ltd.

n Union Budget 2018-19, Finance Minister Arun Jaitley had proposed the divestment target for the current fiscal to be Rs 80,000 crore. He had also said the government plans to list 14 CPSEs, including two insurance companies.