After making a strong opening, shares of the state-owned firm further gained 5.19 percent to Rs 304.95 on the BSE. On the NSE, the stock shot up by 6.55 percent to Rs 307.85.
"This special interim dividend is positive for minority shareholders of the company. We believe the stock is likely to react positively in the near-term," brokerage firm Angel Broking said in a report.
The Central Government, which faces the uphill task of meeting Rs 40,000-crore disinvestment target this year, will get Rs 16,485.71 crore for its 90 percent stake in the Maharatna Company.
After including the dividend distribution tax of Rs 3,113 crore, the bonanza for the government is Rs 19,598.76 crore. The announcement, which market observers termed as a special dividend to the government, comes at a time when the Centre's plans to sell 5 percent stake in the company are facing strong opposition from trade unions.


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