Mumbai, Nov 10 : India's largest iron ore producerNMDC today rose sharply by about 20 per cent on BSE-- the maximum permissible surge in a single day for the stock-- amidgains in all other PSU stocks.
Brokers said NMDC attracted hectic buying support eventhough broader market sentiment was dampening.
NMDC shares opened higher by 2.33 per cent and soonpicked up momentum. It almost hit the upper trading limit of20 per cent during intra-day.
Finally, it ended at Rs 433.70, higher by 19.99 per centfrom its previous close.
Brokers said reports that a decision on disinvestment inthe company was likely to be taken by the Cabinet by mid-December sparked hectic buying into the stock.
Steel Secretary Atul Chaturvedi yesterday said the note ondivestment in NMDC and SAIL is likely to reach the Cabinet bymid-December.
PSU stocks have suddenly turned investors' favouriteafter the government last Thursday said public holding in allprofitable listed PSUs have to be minimum 10 per cent.
Since then PSU index has been rising and it today closedhigher by close to 2 per cent.
At the end of September quarter, the government held a98.38 per cent stake in NMDC.
Meanwhile, the benchmark Sensex today closed down by58.16 points at 16440.56
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