Shipping Corporation hits 52-week high; up 17% in 2 days on demerger update
Shares of Shipping Corporation of India (SCI) hit a 52-week high of Rs 151.30 as they soared 8 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes. In the past two trading days, the stock of the state-owned shipping company has rallied 17 per cent after it provided an update on its demerger plan. It surpassed its previous high of Rs 147.20, touched on January 4, 2022.
At 11:04 AM, SCI was trading 3 per cent higher at Rs 144.90, as compared to 1 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter jumped over eight-fold with a combined 13.46 million shares having changed hands on the NSE and BSE. In the past six months, the stock price of SCI has zoomed 65 per cent as compared to 19 per cent rise in the benchmark index.
“The Final hearing before the Ministry of Corporate Affairs in New Delhi for obtaining sanction on the Scheme of Arrangement for demerger is fixed on Thursday, December 29, 2022, as per the directives of MCA issued during the hearing held on 16th December 2022,” SCI said in the exchange filing on December 17.
SCI has been identified for strategic disinvestment by the government. On November 10, 2021, SCI incorporated a wholly owned subsidiary ‘Shipping Corporation of India Land and Assets Limited’ (SCILAL) pursuant to approval of board of directors based on the concurrence given by the Ministry of Ports Shipping and Waterways and NITI Aayog for hiving off the non-core assets of the Company as a part of the Demerger under SCI’s strategic disinvestment process.
The Scheme of Demerger has been approved by the SCI Board, DIPAM, MoPSW, SCILAL Board and stock exchange. The Demerger Scheme has been filed with Ministry of Corporate Affairs (MCA) for approval.
Meanwhile, for boosting the maritime sector in India, the government has formulated a Maritime India Vision 2030 which focuses on over 150 initiatives across 10 themes covering all the facets of the Indian maritime sector and is a comprehensive effort to define and meet national maritime objectives. Further Government’s landmark initiatives, such as Sagarmala, Gati Shakti, Atmanibhar Bharat and Make in India, shall definitely propel Indian maritime industry toward newer horizons of success in coming year, SCI said in its FY22 annual report.
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