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SCI corrects on profit booking

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fell 1.70% to Rs 83.95 at 10:27 on on profit booking after a recent rally.

Meanwhile, the S&P Sensex was up 90.82 points, or 0.29% to 31,166.55.

On the BSE, 1.71 lakh shares were traded in the counter so far, compared with average daily volumes of 4.58 lakh shares in the past one quarter. The stock had hit a high of Rs 85.85 and a low of Rs 83.35 so far during the day. The stock hit a 52-week high of Rs 92 yesterday, 15 June 2017. The stock hit a 52-week low of Rs 55.75 on 21 November 2016.

The stock had outperformed the market over the past one month till 15 June 2017, rising 4.91% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.59% as against Sensex's 4.81% rise. The scrip had also outperformed the market in past one year, rising 27.08% as against Sensex's 17.15% rise.

The mid-cap company has equity capital of Rs 465.80 crore. Face value per share is Rs 10.

Shares of (SCI) rose 18.78% in three trading sessions to settle at Rs 85.40 yesterday, 15 June 2017, from its close of Rs 71.90 on 12 June 2017.

The stock jumped 7.62% to settle at Rs 85.40 yesterday, 15 June 2017, on reports NITI Aayog has proposed strategic sale of about 26% stake in the company. According to reports, the core group of secretaries on disinvestment, headed by the cabinet secretary, discussed the proposal and has mandated the Shipping Ministry to find out legal hassles, if any, in the process. The proposal will soon go to the Cabinet Committee on Economic Affairs, reports added.

The government, at present, holds 63.75% stake in SCI. After the sale of 26% stake, the government holding in the company will come down to 37.75%. The sale of 26% stake could fetch about Rs 960 crore to the exchequer. The government has budgeted to raise Rs 15000 crore through strategic sale of PSUs this fiscal.

Net profit of declined 58.78% to Rs 92.36 on 5.09% decline in net sales to Rs 897.73 crore in Q4 March 2017 over Q4 March 2016.

Shipping Corporation of India in the largest Indian shipping company. The SCI also has substantial interests in various segments of the shipping trade.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 16 2017. 10:26 IST