Neyveli Lignite Corporation rose 2.23% to Rs 59.60 at 10:08 IST on BSE after market regulator Securities & Exchange Board of India approved Tamil Nadu state government to buy 5% stake in the company.
Meanwhile, the S&P BSE Sensex was down 280.20 points, or 1.44%, to 19,215.62.
On BSE, 20,000 shares were traded in the counter as against an average daily volume of 31,826 shares in the past one quarter.
The stock hit a high of Rs 60.55 and a low of Rs 58.80 so far during the day. The stock had hit a 52-week high of Rs 90.65 on 8 August 2012. The stock had hit a 52-week low of Rs 52.20 on 25 June 2013.
The stock had underperformed the market over the past one month till 5 July 2013, sliding 9.82% compared with the Sensex's 0.37% fall. The scrip had also underperformed the market in past one quarter, falling 13.44% as against Sensex's 5.67% rise.
The mid-cap company has an equity capital of Rs 1677.71 crore. Face value per share is Rs 10.
In a statement issued on Sunday, 7 July 2013, the finance ministry said the department of disinvestment has requested the Tamil Nadu government to nominate senior official for further discussions with Securities & Exchange Board of India (Sebi) with regard to its proposal to sell the proposed 5% stake of the central government in Neyveli Lignite Corporation (NLC) to the state undertakings of Tamil Nadu. The ministry said that Sebi is of the view that the proposal could get covered within the guidelines on IPP.
The ministry said that in the offer document for IPP, the seller can propose the criteria on the basis of which allocation could be made. This can be used to give preference to any set of qualified institutional buyers including stage undertakings of Tamil Nadu.
The central government has decided to sell 5% stake in NLC. The Government of India (GoI) holds 93.56% stake in NLC (as per the shareholding pattern as on 31 March 2013). The stake sale will also help the company to meet the minimum public holding norm.
Sebi has set a deadline of August 2013 for all listed central public sector units to have a minimum 10% public shareholding.
Last month, Tamil Nadu chief minister J Jayalalithaa had written to Manmohan Singh expressing interest to buy 5% in the company. Employee unions of the Tamil-Nadu headquartered firm are protesting against the stake sale and workers went on an indefinite strike since 3 July 2013.
Meanwhile, the union ministry of coal has allocated two coal blocks to NLC for implementing its power projects at Sirkali in Tamil Nadu and Neyveli Uttar Pradesh Power in Uttar Preadesh.
NLC's net profit rose 1.6% to Rs 614.79 crore on 9.5% growth in net sales to Rs 1653.35 crore in Q4 March 2013 over Q4 March 2012.
NLC's principal activities are exploration of lignite mines and power generation.
Meanwhile, the S&P BSE Sensex was down 280.20 points, or 1.44%, to 19,215.62.
On BSE, 20,000 shares were traded in the counter as against an average daily volume of 31,826 shares in the past one quarter.
The stock hit a high of Rs 60.55 and a low of Rs 58.80 so far during the day. The stock had hit a 52-week high of Rs 90.65 on 8 August 2012. The stock had hit a 52-week low of Rs 52.20 on 25 June 2013.
The stock had underperformed the market over the past one month till 5 July 2013, sliding 9.82% compared with the Sensex's 0.37% fall. The scrip had also underperformed the market in past one quarter, falling 13.44% as against Sensex's 5.67% rise.
The mid-cap company has an equity capital of Rs 1677.71 crore. Face value per share is Rs 10.
In a statement issued on Sunday, 7 July 2013, the finance ministry said the department of disinvestment has requested the Tamil Nadu government to nominate senior official for further discussions with Securities & Exchange Board of India (Sebi) with regard to its proposal to sell the proposed 5% stake of the central government in Neyveli Lignite Corporation (NLC) to the state undertakings of Tamil Nadu. The ministry said that Sebi is of the view that the proposal could get covered within the guidelines on IPP.
The ministry said that in the offer document for IPP, the seller can propose the criteria on the basis of which allocation could be made. This can be used to give preference to any set of qualified institutional buyers including stage undertakings of Tamil Nadu.
The central government has decided to sell 5% stake in NLC. The Government of India (GoI) holds 93.56% stake in NLC (as per the shareholding pattern as on 31 March 2013). The stake sale will also help the company to meet the minimum public holding norm.
Sebi has set a deadline of August 2013 for all listed central public sector units to have a minimum 10% public shareholding.
Last month, Tamil Nadu chief minister J Jayalalithaa had written to Manmohan Singh expressing interest to buy 5% in the company. Employee unions of the Tamil-Nadu headquartered firm are protesting against the stake sale and workers went on an indefinite strike since 3 July 2013.
Meanwhile, the union ministry of coal has allocated two coal blocks to NLC for implementing its power projects at Sirkali in Tamil Nadu and Neyveli Uttar Pradesh Power in Uttar Preadesh.
NLC's net profit rose 1.6% to Rs 614.79 crore on 9.5% growth in net sales to Rs 1653.35 crore in Q4 March 2013 over Q4 March 2012.
NLC's principal activities are exploration of lignite mines and power generation.
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