 "Shipping stocks gain; Shipping Corporation hits 52-week high")
Shares of shipping companies were in focus with Shipping Corporation of India (SCI) rallying 16% to Rs 92, also its 52-week high on the BSE in intra-day trade, after NITI Aayog proposes 26% strategic sale in the state-owned company.
Great Eastern Shipping (GE Shipping), Mercator, Chowgule Steamship, Essar Shipping and Seamac were up in the range of 3% to 5%, as compared to 0.09% rise in the S&P BSE Sensex at 10:02 am.
According to sources, 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 PTI report suggests.
The government, at present, holds 63.75% stake in Navratna PSU Shipping Corporation of India. After the sale of 26%, the government holding in the company will come down to 37.75%.
Great Eastern Shipping (GE Shipping), Mercator, Chowgule Steamship, Essar Shipping and Seamac were up in the range of 3% to 5%, as compared to 0.09% rise in the S&P BSE Sensex at 10:02 am.
According to sources, 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 PTI report suggests.
The government, at present, holds 63.75% stake in Navratna PSU Shipping Corporation of India. After the sale of 26%, the government holding in the company will come down to 37.75%.
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