1. CPSE ETF hits 52-week high to close at Rs 26.77

CPSE ETF hits 52-week high to close at Rs 26.77

Central Public Sector Enterprises, Exchange-Traded Fund (CPSE ETF), a basket of 10 public sector undertakings, hit a 52-week high on Monday to close at R26.77. Over the past year, ETF gained 35%.

By: | Mumbai | Published: January 17, 2017 6:08 AM
Oil and Natural Gas Corporation (ONGC) has the biggest weight in the index, followed by Coal India and Indian Oil, making the ETF an energy-focused gauge. ETF’s growth over the past one year was primarily because of the rise in oil stock prices.  (Reuters) Oil and Natural Gas Corporation (ONGC) has the biggest weight in the index, followed by Coal India and Indian Oil, making the ETF an energy-focused gauge. ETF’s growth over the past one year was primarily because of the rise in oil stock prices. (Reuters)

Central Public Sector Enterprises, Exchange-Traded Fund (CPSE ETF), a basket of 10 public sector undertakings, hit a 52-week high on Monday to close at R26.77. Over the past year, ETF gained 35%.

Oil and Natural Gas Corporation (ONGC) has the biggest weight in the index, followed by Coal India and Indian Oil, making the ETF an energy-focused gauge. ETF’s growth over the past one year was primarily because of the rise in oil stock prices.

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The government aims to raise around R6,000 crore from sale of the second tranche of (CPSE ETF), set to be launched on 17 January. If the government manages to mop up R6,000 crore, it will be its biggest divestment for this financial year, excluding buybacks.

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The government estimated to raise R56,500 crore by divesting its stakes in public sector units (PSUs) in the fiscal 2016-17 (FY17), but it has garnered only R23,528 crore so far, through minority stake sales in 14 public sector units and strategic disinvestment.

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