SUUTI's stake sale makes ITC share price jump over 5%
SUUTI had stake of 11.1% in ITC and after the 2% stake sale, it now stands at 9.1%.
Shares of tobacco to hospitality major ITC Ltd climbed over 5% on Tuesday after SUUTI sold stake in the company.
By 1140 hours, however, shares of ITC Ltd gave up most of its gains and were trading at Rs 278.70 per piece, up 0.83% or Rs 2.30 on BSE Sensex.
TRENDING NOW
Shares of ITC came under focus after the media reports that stated that the Specified undertaking of Unit Trust of India (SUUTI) has sold 2% of its stake in ITC to Life Insurance Corp. of India (LIC) via a block deal.
Value for the deal is pegged around Rs 6,800 crore.
SUUTI had stake of 11.1% in ITC and after the 2% stake sale, it now stands at 9.1%.
SUUTI has shares in 43 listed and eight unlisted companies.
On January 3, Ministry of Finance said that so far in the current financial year, government has realised Rs 23528.73 crore, which include Rs 21,432.38 crore through minority stake sale in 14 Central Public Sector Enterprises (CPSEs) and Rs 2096.35 crore through strategic disinvestment.
For the current fiscal, the government had revised the divestment target to Rs 45,500 crore from Rs 56,500 crore during the recent annual budget announcement.
04:07 pm
Mcap of 7 of top-10 most-valued firms erode by Rs 1.16 lakh crore; HDFC Bank biggest laggard
Ram Temple in Ayodhya to lead infra-driven growth for tourism with over 50 million visitors a year: Jefferies 
Apple to strip blood oxygen feature from some watch models after court ruling
Mcap of 6 of top-10 most valued firms decline by Rs 57,408 crore; TCS, HDFC Bank major laggards
Apple files appeal after Biden administration allows US ban on watch imports