Govt announces offer for sale in IRCTC: Know how PSU stocks perform after OFS? RVNL, SAIL among others in focus
In the last two years since 2021, the government had announced OFS of seven public sector firms - ONGC, NMDC, HUDCO, RVNL, IRCON, SAIL, and Hind Copper.
The government on Wednesday announced a stake sale in Indian Railways Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS), with this the focus has been shifted to what really happens to all those public sector companies’ shares after the OFS announced by the Centre.
According to Zee Business senior research analyst Varun Dubey, the central public sector enterprises (CPSE) companies have reported mixed performance after the OFS as three out of seven public sector firms have reported growth, while others are either flat or negative in terms of share price gain.
In the last two years since 2021, the government had announced OFS of seven public sector firms - ONGC, NMDC, HUDCO, RVNL, IRCON, SAIL, and Hind Copper as per Dubey’s report. It also sold stakes in Axis Bank through SUUTI (Specified Undertaking of The Unit Trust of India) in November.
#OFS के बाद PSU शेयरों का हाल
OFS के बाद किस शेयर में बना पैसा?
OFS के बाद किस शेयर ने किया निराश?
कैसा रहा है सरकारी कंपनियों के OFS का ट्रेंड और OFS के बाद शेयरों की चाल, जानिए पूरी डिटेल्स @VarunDubey85 से...
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According to data, shares of SAIL, RVNL, and HUDCO have reported gains of 29.5, 169, and 24.4 per cent, respectively, while ONGC, NMDC, and IRCON have reported negative returns between 2-28 per cent and Hind Copper was flat since the launch of their OFS by the government.
Even shares of private lender Axis Bank has reported growth of 13 per cent since the stake sale by the government, according to the research analyst’s report.
Earlier in December 2020, the government had launched OFS in IRCTC at the floor price of Rs 1367 and the allotment price was Rs 1377.55 apiece, before a stock split.
Shares of IRCTC were split 1:5 after the OFS and with this the face value of Rs 10 was split from Rs 2 and hence the adjusted OFS price came at Rs 275.5 per share, according to Dubey. Since then, the stock price has reported a growth of 167 per cent on the exchanges.
According to Axis Securities’ Rajesh Palviya, investors should enter in IRCTC stock between Rs 660-665 per share, which is also a strong support zone of the counter. He believes, the scrip is seeing a hurdle at Rs 740-750 per share and breakout at these levels are important for stock to surge further.
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