Stock Watch

The Union government, as per its plans to disinvest some stocks in PSUs, is all set to give its nod for selling stakes in the steel producer Steel Authority of India Ltd. (SAIL) and National Mineral Development Corporation by the end of this year.

The government, having 85.8 per cent stocks in SAIL, is learnt to have weighing the options to dilute its holding in the firm besides floating fresh offering.

Answering a query of media persons, on the sidelines of a meeting organized by the Indian Institute of Metals, Union Steel Minister Virbhadra Singh said, "we will try to do something this fiscal."

The minister said that there is rise in demand of steel across sectors such as infrastructure, housing and automobiles in recent months which can outstrip demand over supply. Mr. Singh said, "While production is set to increase by around 5 per cent, demand is growing at seven per cent."

Meanwhile, Tata Steel Managing Director H. M. Nerurkar said that the proposed Orissa plant would be commissioned by December for which work of evacuating land is going at fast pace. Similarly, expansion work of Jamshedpur plant is expected to be completed by August 201, raising its production capacity from 6.8 million tonnes to 10 million tonnes annually.