Dredging Corporation zooms 90% in six days

The stock has zoomed 90% from Rs 162 on August 5, as compared to 0.71% rise in benchmark S&P BSE Sensex.

Dredging Corporation of India is locked in upper circuit of 10% at Rs 308, with no sellers seen on the counter in noon deals. A combined 437,646 shares have already changed hands and there are pending buy orders for 20,397 shares on BSE and NSE at 1340 hours.

The stock of state-owned shipping company has zoomed 90% in past six trading sessions from Rs 162 on August 5, on BSE as compared to 0.71% rise in benchmark S&P BSE Sensex.

On August 12, Dredging Corporation of India said that the third Trailer Suction Hopper Dredger - DCI Dr. XXI with 5500 Cu.M Hopper capacity has been launched on  August 8, 2013, at Netherlands.

The company said the vessel is expected to be delivered in February, 2014. This is the third in the series of the three vessels being built by IHC Dredger BV, Netherlands the first two vessels have already been delivered and joined the fleet in December 2012 and July 2013 respectively, the company said.

Currently, the Government of India holds 78.56% stake in the firm, the shareholding pattern data shows.