Mazagon Dock Shipbuilders, NLC, IRFC gain on government’s 10% stake divestment plan by March 31

The government has targeted disinvestment proceeds of Rs 51,000 crore in FY24, of which Rs 10,051.73 crore has been garnered so far.

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Mazagon Dock Shipbuilders, NLC India and Indian Railway Finance Corporation opened nearly 1 percent higher on the NSE today after it was reported that government is mulling divestment of up to 10 percent stake each in these PSUs. At 9:20 am, stocks for Mazagon Dock Shipbuilders NLC India and IRFC were trading at Rs 2,263.40, Rs 232.60 and Rs 102, respectively.

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On January 4, Moneycontrol reported that India’s finance ministry may sell up to 10 percent stake each in NLC India (formerly Neyveli Lignite Corporation), Mazagon Dock Shipbuilders and Indian Railway Finance Corporation via the offer for sale route before March 31 to add to its disinvestment proceeds for FY2024.

The government has targeted disinvestment proceeds of Rs 51,000 crore in FY24, of which Rs 10,051.73 crore has been garnered so far. The sale of these three companies may fetch the government a maximum of Rs 21,200 crore, Moneycontrol reported.

Also read: Exclusive: Centre may sell stake in NLC, Mazagon Dock by March 31

In an interview with CNBC-TV18 on January 4, Defence secretary Giridhar Aramane said that the government could consider divestment as an option for Cochin Shipyard and Mazagon Dockyard “depending on their capital requirements”.

Shares of Mazgaon Dock Shipbuilders and NLC India have both gained over 177 percent over the last one year while IRFC has gained only o.4 percent.

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