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Shipping Corp share rises 7% as govt plans to sell stake

Shipping Corp share hit a fresh 52-week high of Rs 92.7 rising 7.10% against previous close of Rs 86.55 on BSE

twitter-logoBusinessToday.In | December 21, 2020 | Updated 16:58 IST
Shipping Corp share rises 7% as govt plans to sell stake
Shipping Corp share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Share of Shipping Corporation of India rose over 7% today amid reports that the Modi government was likely to open invite bids for privatisation of the firm this week.  Shipping Corp share hit a fresh 52-week high of Rs 92.7 rising 7.10% against previous close of Rs 86.55 on BSE.

The stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 32.23% in one year and risen 32.66% since the beginning of this year.

In a month, the share has climbed 56.22%. Later, the share pared all gains and closed 4.62% lower at Rs 82.55 on BSE.

Buyers will get time till mid February to submit EoIs. Government plans to offload entire 63.75 per cent stake in Shipping Corporation along with transfer of management control.

Share Market Highlights: Sensex ends 1,406 points lower, Nifty at 13,328; Nestle, HUL, Infosys top losers

The Department of Investment and Public Asset Management (DIPAM) is working towards concluding stake sale in the current financial year due to good investor interest in the market.

Shipping Corp stock closed at Rs 86.55, up 3.22 per cent over the previous close on the BSE on Friday.  At the current market price, the government's stake in Shipping Corp is valued at Rs 2,500 crore.

Meanwhile, reversing trend from six days of consecutive gains, Sensex fell 1,406 points to 45,553 and Nifty ended 432 points lower to 13,328.

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