Mumbai, July 10: The stock market cheered the government decision to sell residual stakes in five companies and the scrips surged ahead as soon as the news filtered in.
VSNL gained Rs 6.40 to Rs 136.80, while CMC, its infotech counterpart, added Rs 56.25 to its overnight total to close at Rs 490.95.
The IPCL stock gained Rs 7.65 to end the day at Rs 126.60, while oil retail major IBP surged Rs 42.15 to Rs 564.70 to end the day.
Most of the stocks, except CMC, were acquired above the current prevailing price. However, the market expects the government to be choosy about the price at which it will sell the residual stakes in these five companies.