Why did BEML and ITDC rally so sharply on 24 December, Friday?
Answer
Answer
On Friday, 24 December, ITDC and BEML rallied nearly 17% on the back of heavy volumes. This spurt came after the government hinted that it planned to invite expression of interest or EOI for divesting these PSUs. Both stocks saw record volumes on NSE. The government proposes to sell 28% in BEML and just retain 26% holding. SCI may be the first off the block.