Shipping Corporation of India shares locked in upper circuit; core group of secretaries to meet on April 14

Shipping Corp of India (SCI) share price: The stock of the privatisation-bound Shipping Corporation was locked at the five per cent upper circuit on Tuesday, after Zee Business reported that the Core Group of Secretaries on Disinvestment (CGD) will meet on April 14 to discuss the disinvestment of the state-run company. Shipping Corporation of India is a sea and coastal freight water transport company that owns and operates bulk carriers as well as crude oil tankers.

The meeting will likely discuss the listing of Shipping Corporation's non-core assets as well as the expressions of interest for Container Corporation (Concor), according to the exclusive report by Zee Business. 

Shipping Corporation of India shares were locked in the upper circuit at Rs 85.2 apiece on BSE in late afternoon deals.

Earlier the government's plan to sell its stake in Shipping Corporation was stalled due to regulatory delays. The government had in 2019 announced plans to privatise a number of state-run companies, including SCI.

SCI had to spin off its non-core assets before the government could sell its 63.75 per cent stake in the company, which could hit a roadblock over the amount of funds to be transferred to the demerged entity.

The shipping company completed the spinoff last month after getting regulatory approval late in February. 

SCI share price history

Shipping Corporation of India shares have lost 34 per cent of their value in the last one year, a period in which the Nifty50 headline index has remained flat. 

FII and MFs holding in SCI

Foreign investors have marginally increased their holdings in SCI from 3.28 per cent to 3.30 per cent in the December 2022 quarter, according to the stock analysis portal trendlyne.com.

Similarly, even mutual funds have raised their stakes in the company to 0.04 per cent in the December quarter as the number of MF schemes increased from 8 to 10 sequentially. 

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