The Telegraph
Since 1st March, 1999
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Early selloff hope puts HPCL on fire

Mumbai, Aug. 21: Hindustan Petroleum Corporation Ltd (HPCL) rallied at the stock exchanges today on hopes that disinvestment of the government's 34 per cent stake will soon gather pace.

Buyers were enthused at the news of due diligence by prospective bidders for the government's stake starting early next week. Market watchers added players were upbeat on reports that the government might drop the golden share clause, through which it could veto any decision taken by the company's board.

The buying came even as the Supreme Court is deciding whether a clearance has to be obtained from Parliament for sale of the Centre's stake in HPCL. Analysts said with positive signals on the divestment front, HPCL shares could see an upsurge in value over the next few days.

The scrip opened at Rs 379 and pierced its 52-week high of Rs 375, touching a day's high of Rs 400. The counter closed at Rs 395.85, a gain of over 6 per cent at Rs 22.70.

It was accompanied by a positive mood in the bourses that saw the 30-share BSE sensex gaining 39 points on gains made by the banking and software shares. HPCL's ripple was also felt across several PSU shares that made brisk gains.

The BSE index opened higher at 4075.17 and surpassed the 4100-mark to touch an intra-day high of 4106.71 before ending at 4095.39, as against yesterday's close of 4056.60.

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