Shipping Corporation of India zooms up to 9% as divestment of shipping major to be likely accelerated
Shipping Corporation of India shares buzzed in Wednesdays session as sources suggested that the government will now expedite the long overdue divestment of the shipping major.
Shares of Shipping Corporation of India (SCI) in Wednesday’s session (June 12) zoomed up to 9 per cent in early trade to day’s high price of Rs 267.7. The buying action in the stock is likely triggered as sources revealed that the long-overdue divestment in the Navratna PSU will be expedited now.
Earlier a report claimed that the divestment of state-owned companies including NTPC, SCI will feature in the priority list of the government’s first 100-day action plan.
Further sources said that land transfer has been delayed on account of Lok Sabha elections and approval for the same has been received from the Maharashtra Cabinet.
At the last count, shares of the company traded higher by over 7 per cent at Rs 263.70.
As part of the divestment of SCI, the Centre is looking to offload its 63.75 percent stake in the shipping major.
The Department of Investment and Public Asset Management (DIPAM) is reportedly preparing to invite financial bids for SCI.
SCI share price performance
SCI shares have delivered stellar returns to the tune of 158 per cent in the last one year.
SCI's company profile
Shipping Corporation of India Limited is a shipping company that operates across Liner segment, Bulk segment, and Technical and Offshore. The company with a m-cap of 12,283.12 crore is categorised as a smallcap entity.
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