Surge in stock prices of L&T Axis Bank and other firms delivers bonanza for new Government
In a situation which marked a bonanza of sorts for Narendra Modi-led new Government, the stock prices of Larsen & Toubro (L&T), Axis Bank and other companies in which the government has a stake have witnessed a surge of late.
As a result of the increase in stock prices of the mentioned companies, the new Finance Ministry will be able to showcase bloated assets as the requisite tools to drive the economic revival programme of the new Government.
To put it differently, the mentioned bloated assets will be presented by the Finance ministry as the key instruments which can facilitate the Modi Government in strengthening its standpoint with regard to the economic resurgence programme.
There has been a marked increase – as compared to the last count – in the value of the stakes held by the government in listed non-state companies through SUUTI (Specified Undertaking of the Unit Trust of India).
So far as the precise figures pertaining to the stock surge of these companies are concerned, engineering and construction firm L&T – in which the government has an 8.19 percent stake – has increased more than 45 percent this calendar year; while Axis Bank, in which the government holds an 11.7 percent stake, has witnessed a nearly 45 percent rise since January 2014, after the bank divested some of its holding in the last financial year.
Source: The Economic Times – Delhi Edition
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