Led by Sesa Goa,shares of Vedanta group firms on Tuesday surged up to 16 per cent,amid a media report that the legal hurdle in stake sale of Hindustan Zinc Limited (HZL) has been cleared.
Following the buzz,Sesa Goas scrip shot-up by 15.93 per cent to Rs 150.65 on the Bombay Stock Exchange.
Similarly,shares of Hindustan Zinc jumped 13.10 per cent to Rs 118.75,while Sterlite Industries soared 9.91 per cent to Rs 83.20.
There is a buzz that the government is selling stake in Hindustan Zinc through auction mechanism and market expect this to happen at a premium, said Kishor Ostwal,chairman and managing director,CNI Research.
Another market expert,Milan Bavishi,Head Research,Inventure Growth and Securities said,Corporate action in Sesa Goa attracted buyers.
According to a media report,the government has cleared legal hurdles to the stake sale in Hindustan Zinc Limited.
At present,Sterlite Industries holds 64.92 per cent stake in Hindustan Zinc,while the government has 29.54 per cent stake,as per data available with the Bombay Stock Exchange (BSE).
Meanwhile,as part of amalgamation,Vedanta Group firm Sesa Goa today said its merger of Sterlite Energy and demerger of aluminium business of Vedanta Aluminium into it have become effective.