 "Dredging Corporation zooms over 50% in four trading days")
Dredging Corporation of India hit its 52-week high of Rs 716, up 14% on BSE, extending its past three days rally on back of heavy volumes.
The stock of state-owned shipping company zoomed 51% in past four trading sessions from Rs 475 on Friday, March 10, 2017, as compared to 2.6% rise in the S&P BSE Sensex.
Last week, there was report that the government may sell 51% stake in Dredging Corporation of India.
While the company, said to the exchanges, that it has no specific official communication from the government regarding stake sale.
As of December 31, 2016, the government holds 73.47% in the company, while state-run financial institutions such as Life Insurance Corporation and General Insurance Corporation of India hold combined 13%. The individual shareholders hold 11% stake, the shareholding pattern data shows.
Dredging Corporation of India had reported a net profit of Rs 14.04 crore for the quarter ended December 2016, against a loss of Rs 19.62 crore in the same quarter last fiscal.
However, for the first nine months (April-December) of the financial year 2016-17 (FY17), it posted a profit of Rs 3.67 crore as compared to Rs 24.79 crore in same period of FY16.
At 10:42 am; the stock was up 13% at Rs 708 on BSE against 0.47% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 2.96 million shares changed hands on BSE and NSE so far.
The stock of state-owned shipping company zoomed 51% in past four trading sessions from Rs 475 on Friday, March 10, 2017, as compared to 2.6% rise in the S&P BSE Sensex.
Last week, there was report that the government may sell 51% stake in Dredging Corporation of India.
While the company, said to the exchanges, that it has no specific official communication from the government regarding stake sale.
As of December 31, 2016, the government holds 73.47% in the company, while state-run financial institutions such as Life Insurance Corporation and General Insurance Corporation of India hold combined 13%. The individual shareholders hold 11% stake, the shareholding pattern data shows.
Dredging Corporation of India had reported a net profit of Rs 14.04 crore for the quarter ended December 2016, against a loss of Rs 19.62 crore in the same quarter last fiscal.
However, for the first nine months (April-December) of the financial year 2016-17 (FY17), it posted a profit of Rs 3.67 crore as compared to Rs 24.79 crore in same period of FY16.
At 10:42 am; the stock was up 13% at Rs 708 on BSE against 0.47% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 2.96 million shares changed hands on BSE and NSE so far.
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