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Shipping Corporation of India shares surge 16% after NITI Aayog proposes stake sale

Shipping Corporation, Financial results

New Delhi: Shares of Shipping Corporation of India surged as much as 15.90 per cent in early trade after reports that Niti Aayog proposed around 26 per cent strategic stake sale in the company, which could fetch about Rs 960 crore to the exchequer.

The scrip was trading 11.34 per cent up at Rs 88.35 around 9.30 am (IST). Shares of the company opened at Rs 92 and touched a high and low of Rs 92 and Rs 87.40, respectively, in trade so far.

The government, at present, holds 63.75 per cent stake in Navratna PSU Shipping Corporation of India. After the sale of 26 per cent stake, the government holding in the company will come down to 37.75 per cent.

According to a report by PTI, sources said the proposal would soon go to the Cabinet Committee on Economic Affairs.

For the quarter ended March 31, 2017, the company reported net profit of Rs 92.36 crore, down 58.78 per cent, against Rs 224.04 crore in the corresponding quarter last year. Net sales of the company declined 5.09 per cent on year-on-year basis to Rs 897.73 crore. It had reported net sales of Rs 945.85 crore in the same period last year.

On the BSE, 11.43 lakh shares were traded on the counter so far as against the average daily volumes of 2.53 lakh shares in the past two weeks.

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