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Shipping Corporation of India share zooms 19% after govt gets multiple bids for privatisation

Shipping Corporation of India stock touched a fresh high of Rs 123.55, rising 19.14% against previous close of Rs 103.75 on BSE

twitter-logoBusinessToday.In | March 2, 2021 | Updated 13:47 IST
Shipping Corporation of India share zooms 19% after govt gets multiple bids for privatisation
SCI share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Shipping Corporation of India share hit a new 52 week high today after the government said it received multiple bids for privatisation of the PSU. The small cap stock touched a fresh high of Rs 123.55, rising 19.14% against previous close of Rs 103.75 on BSE. The share opened with a gain of 12.83% at Rs 118 today.

SCI share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has risen 175.92% and gained 35.60% since the beginning of this year. Market cap rose to Rs 5,577 crore on BSE. On NSE, the stock was trading 19.03 per cent higher and touched a 52-week high value of Rs 123.5.

The government has received multiple bids for privatisation of Shipping Corporation of India, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday.

DIPAM in December had invited expressions of interest (EoI) for strategic disinvestment of its entire stake of 63.75 percent in Shipping Corp of India, along with the transfer of management. The last date for submitting the bids was February 13, which was later extended to March 1.

"Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage," Pandey tweeted.

In November last year, the Cabinet had given an in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans were delayed due to the pandemic.

In Budget speech for 2021-22 Finance Minister Nirmala Sitharaman had said, " A number of transactions namely Bharat Petroleum Corp Ltd, Air India, Shipping Corp of India, Container Corp of India, IDBI Bank, BEML Ltd, Pawan Hans, Neelachal Ispat Nigam Ltd among others would be completed in 2021-22."

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