Shipping Corp shares end 8% higher on stake sale buzz

Shares of Shipping Corporation of India today ended with 8 per cent gains following reports that Niti Aayog has proposed strategic sale of about 26 per cent stake in the company.
The stock jumped 7.62 per cent to settle at Rs 85.40 on BSE. During the day, it soared 15.94 per cent to Rs 92 - its 52-week high.
At NSE, shares of the company zoomed 8 per cent to close at Rs 85.80.
The company's market valuation also rose by Rs 281.92 crore to Rs 3,977.92 crore.
On the volume front, 31.59 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

Niti Aayog has proposed strategic sale of about 26 per cent stake in Shipping Corporation of India, which could fetch about Rs 960 crore to the exchequer. The government holds 63.75 per cent stake in the Navratna PSU.

After the sale of 26 per cent stake, the government holding in the company will come down to 37.75 per cent.
The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.
BSE had earlier in the day sought clarification from Shipping Corporation on the news.
Later, the company in a clarification said, SCI has not received any intimation in this regard.