Jan 09, 2014, 08.25 PM IST
SUUTI holds 11.54 percent stake in ITC, 23.58 per cent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.
Tags ITC, Larsen and Toubro, Axis Bank, SUUTI, Cabinet, stake sale, fiscal deficit
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Govt defers SUUTI closure,paves way for pvt cos' stake sale
SUUTI holds 11.54 percent stake in ITC, 23.58 per cent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.
Like this story, share it with millions of investors on M3
Govt defers SUUTI closure,paves way for pvt cos' stake sale
SUUTI holds 11.54 percent stake in ITC, 23.58 per cent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.
firms -- ITC , L&T and Axis Bank .
"The proposal of the Finance Ministry (with regard to SUUTI) has been approved," Information and Broadcasting Minister Manish Tewari told reporters after a meeting of the Union Cabinet.
Also read: Can SUUTI stake sale fix fiscal deficit?
SUUTI holds 11.54 percent stake in ITC, 23.58 percent in Axis Bank and 8.27 per cent in Larsen & Toubro which are valued around 40,000 crore.
The Cabinet had in March 2012 cleared the proposal to wind up SUUTI and create a National Asset Management Company (NAMC). The NAMC was in turn to take loan from banks leveraging its assets to buy government stakes in public
sector companies.
The government has budgeted Rs 14,000 crore by way of residual stake sale in companies in which it does not hold a majority stake.
With the government deciding not to winding up of SUUTI, it would be able to offload its holdings in these companies separately on the basis of suitable market valuation.
ITC stock price
On January 09, 2014, ITC closed at Rs 315.45, down Rs 1.35, or 0.43 percent. The 52-week high of the share was Rs 380.00 and the 52-week low was Rs 272.20.
The company's trailing 12-month (TTM) EPS was at Rs 10.21 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 30.9. The latest book value of the company is Rs 28.10 per share. At current value, the price-to-book value of the company is 11.23.
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