Dredging Corp stock surges 13% on reports of stake sale

Shares of Dredging Corporation of India today soared over 13 per cent amid reports that the government may sell its stake in the shipping company.
The stock zoomed 12.68 per cent to settle at Rs 502 on BSE. During the day, it had jumped 16.45 per cent to Rs 518.80 -- its 52-week high.
On NSE, it surged 13.21 per cent to close at Rs 504.25.
Led by the sharp surge in the stock, the company's market valuation rose by Rs 158.60 crore to Rs 1,405.60 crore.
On the volume front, 3.95 lakh shares of the company were traded on BSE and over 31 lakh shares changed hands at NSE during the day.

As per media reports, government is looking to sell 51 per cent stake in Dredging Corp.
Meanwhile, in a clarification to BSE, Dredging Corp today said, "We have to inform you that the company has no specific official information or communication from the government regarding stated news item and as such has no comments to offer on the same."
It further said: "The company will inform the stock exchange as per the Sebi regulations as and when any official information is received from the government in this regard.