5 PSU stocks to watch out for on June 23
S&P BSE PSU has outperformed the benchmark Sensex on YTD shedding 5.33% compared to Sensex which has lost 11.49%. It has also given some of the multibaggers of the year – CPCL and MRPL and which have risen 194.5% and 93% on YTD respectively.
Let us see which stocks in the PSU sector investors should keep an eye on.
State Bank of India(SBI) is gearing up to take on the combined strength of HDFC & HDFC Bank. SBI is the largest home loan provider in the country. "Our home loan market share stands at 35.3%; we are very mindful of the HDFC-HDFC Bank merger and are taking necessary steps to counter the emerging competition," Dinesh Khara said at the bank’s 67th AGM. At the time of writing shares of SBI were quoting at Rs 454.25 per share with a gain of 1.47% over its previous close.
Bharat Petroleum Corporation Ltd (BPCL) announced on June 22 that it has received approval from the Ministry of Corporate Affairs for a merger of Bharat Oman Refineries with itself. The scheme of amalgamation will be made effective both by filing a copy of the order of the ministry with the jurisdictional registrar of companies. At 10.10 am, the shares of BPCL are quoting at Rs 308.70, up by 0.93% or Rs 2.85 per share.
Coal India Its subsidiary South Eastern Coalfields Limited (SECL) has signed an MoU with the Madhya Pradesh Power Generation Company Limited (MPPGCL) to develop a 660 MW thermal power unit at an investment of Rs 4,665 crore in an announcement made by the company on June 22.
At 10.10 am, the shares of Coal India are quoting at Rs 180.75, up by 0.84% or Rs 1.50 per share.
GAIL (India): GAIL (India) Limited plans to enter into distributed liquefied natural gas (LNG) production with the vision to cater for the demand from off-grid locations and the transport sector. In the morning session, the shares of Gail India are trading at 1272.90, a gain of 0.15% over its previous close.
Oil and Natural Gas Company Ltd(ONGC) is planning to auction gas from its coal bed methane (CBM) block in Jharkhand at a crude-linked reserve price that’s higher than USD 17 per mmBtu at current oil rates. The w-auction to be conducted on July 20 is for the sale of 0.20 million metric standard cubic meters per day (mmscmd) of CBM gas. ONGC owns the majority interest ( 80%) in the CBM block along with Indian Oil which holds the remaining interest of 20%.
In the morning session, the shares of ONGC are trading at Rs 135.05 a gain of 0.11% over its previous close.
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