BSE PSU index hits 52-week low; SAIL, NMDC down over 5%

Shares of state-owned companies were trading under pressure with the S&P BSE PSU Index hitting 52-week low after more than 3% decline in stocks of metals and oil marketing companies (OMCs). At 10:31 am; the S&P BSE PSU Index was down 1.7% at 7,855 as compared to 0.14% decline in the S&P BSE Sensex. The PSU index hit a 52-week low of 7,851 in intra-day trade, surpassed its previous low recorded in March 8 in intra-day deal. Steel Authority of India (SAIL) and NMDC were down more than 5%, while Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) down in the range of 3% to 4% on the BSE. Central Bank of India, Engineers India, Rural Electrification Corporation (REC), BEML, Coal India, Hindustan Copper, Rashtriya Chemicals & Fertilizer (RCF), IFCI and Syndicate Bank are others from the index trading lower in the range of 3% to 5%. Among the individual stocks, IOCL hit 52-week low of Rs 176, down 4%, extending its nearly 7% fall in past two trading sessions, after the company's shares turned ex-bonus on Thursday. The government-owned oil major rewarded its shareholders with one bonus share for every share held. BEML touched a fresh 52-week low of Rs 1,037, falling 24% in past three weeks after the company on March 5 said it is not aware of government in principle approval to sell 26% stake in the company. Meanwhile, according to Business Standard report, the N Chandrababu Naidu-led Telugu Desam Party (TDP) and Y S Jaganmohan Reddy-led Yuvajana Shramika Rythu Congress Party (YSR Congress Party) on Monday will push their notices of no-confidence motion against the Narendra Modi government in the Lok Sabha, as they continue their respective agitations for the granting of a special-category status to Andhra Pradesh. CLICK HERE TO READ FULL REPORT